Textual Amendments
F1Sch. 19B inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 286(3), Sch. 38
6(1)For the purposes of this Schedule “qualifying E&A expenditure”is any expenditure as respects which the following conditions are satisfied.
(2)Condition 1 is that the expenditure is incurred on or after 1st January 2004 [F2but before 1st January 2006].
(3)Condition 2 is that, for the purposes of Part 6 of the Capital Allowances Act, the expenditure is qualifying expenditure incurred on research and development consisting of oil and gas exploration and appraisal (see section 437(2)(b) of that Act).
(4)Condition 3 is that an allowance under section 441 of that Act is claimed in respect of the expenditure.
(5)Condition 4 is that the expenditure is incurred in the course of oil extraction activities.
(6)Condition 5 is that—
(a)those oil extraction activities are comprised in a ring fence trade, or
(b)after incurring the expenditure, the person incurring it sets up and commences a ring fence trade connected with the research and development [F3or starts to be within the charge to corporation tax in respect of such a ring fence trade.]]
Textual Amendments
F2Words in Sch. 19B para. 6(2) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 154(6)
F3Words in Sch. 19B para. 6(6)(b) inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 283 (with Sch. 2 Pts. 1, 2)