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Income and Corporation Taxes Act 1988

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CHAPTER VU.K.

Modifications etc. (not altering text)

C1Pt. 12 Ch. 5 modified (27.7.1999) by Finance Act 1999 (c. 16), s. 98

PETROLEUM EXTRACTION ACTIVITIESU.K.

492 Treatment of oil extraction activities etc. for tax purposes.U.K.

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 492 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 62, Sch. 3 Pt. 1 (with Sch. 2)

493 Valuation of oil disposed of or appropriated in certain circumstances.U.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2S. 493 repealed (the repeal of s. 493(1)-(6) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 63, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 493(1)-(6) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 181, Sch. 10 Pt. 6 (with Sch. 9)

494[F3Loan relationships etc.]U.K.

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3S. 494 sidenote substituted (with effect in accordance with s. 38(7)-(13) of the amending Act) by virtue of Finance (No. 2) Act 2005 (c. 22), s. 38(5)

F4Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F5494AA Sale and lease-back.U.K.

F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F5S. 494AA inserted (with application in accordance with s. 100(2)(3) of the amending Act) by Finance Act 1999 (c. 16), s. 100(1)

F6Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

[F7494A Computation of amount available for surrender by way of group relief.U.K.

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F7S. 494A inserted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 30 (with Sch. 5 para. 73)

F8Ss. 494-494A repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 64, Sch. 3 Pt. 1 (with Sch. 2)

495 Regional development grants.U.K.

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9S. 495 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 65, Sch. 3 Pt. 2 (with Sch. 2); and s. 495 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 182, Sch. 10 Pt. 6 (with Sch. 9)

496[F10Tariff receipts and tax-exempt tariffing receipts]U.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10S. 496 sidenote substituted (with effect in accordance with s. 285(7) of the amending Act) by virtue of Finance Act 2004 (c. 12), Sch. 37 para. 11(5)

F11S. 496 repealed for specified purposes (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 66, Sch. 3 Pt. 2 (with Sch. 2); and s. 496 repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 183, Sch. 10 Pt. 6 (with Sch. 9)

[F12496AExploration expenditure supplementU.K.

Schedule 19B to this Act (exploration expenditure supplement) shall have effect.]

Textual Amendments

[F13496BRing fence expenditure supplementU.K.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F14S. 496B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 67, Sch. 3 Pt. 1 (with Sch. 2)

497 Restriction on setting ACT against income from oil extraction activities etc.U.K.

F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15S. 497 repealed (with effect in accordance with Sch. 3 para. 29(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 29(1), Sch. 27 Pt. 3(2), Note

498 Limited right to carry back surrendered ACT.U.K.

F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F16S. 498 repealed (with effect in accordance with Sch. 3 para. 30(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 30(1), Sch. 27 Pt. 3(2), Note (with Sch. 3 para. 30(3))

499 Surrender of ACT where oil extraction company etc. owned by a consortium.U.K.

F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17S. 499 repealed (with effect in accordance with Sch. 3 para. 31(2) of the repealing Act) by Finance Act 1998 (c. 36), Sch. 3 para. 31(1), Sch. 27 Pt. 3(2), Note

500 Deduction of PRT in computing income for corporation tax purposes.U.K.

F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

501 Interest on repayment of PRT.U.K.

F19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F19Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F20501A Supplementary charge in respect of ring fence tradesU.K.

F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F20S. 501A inserted (24.7.2002) by Finance Act 2002 (c. 23), ss. 91, 93

F21Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

[F22501B Assessment, recovery and postponement of supplementary chargeU.K.

F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F23Ss. 500-501B repealed (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 68, Sch. 3 Pt. 1 (with Sch. 2)

502 Interpretation of Chapter V.U.K.

F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F24S. 502 repealed (the repeal of s. 502(1)(2) having effect for specified purposes only) (1.4.2010 with effect in accordance with s. 1184(1) of the repealing Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 69, Sch. 3 Pts. 1, 2 (with Sch. 2); and s. 502(1)(2) repealed for remaining purposes (1.4.2010 with effect in accordance with s. 381(1) of the repealing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 8 para. 184, Sch. 10 Pt. 6 (with Sch. 9)

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