Part VI U.K. Companies, oil, insurance etc.

Chapter II U.K. Oil and mining industries

Oil exploration and exploitation U.K.

[F1 198LExpenditure by member of same group U.K.

(1) Section 198J applies where—

(a) the disposal is by a company which, at the time of the disposal, is a member of a group of companies (within the meaning of section 170),

(b) the E&A expenditure or expenditure on oil assets is by another company which, at the time the expenditure is incurred, is a member of the same group, and

(c) the claim under section 198J is made by both companies,

as if both companies were the same person.

(2) “E&A company”, “E&A expenditure” and “oil assets” have the meaning given by section 198J.]

Textual Amendments

F1 Ss. 198J-198L inserted (with effect in accordance with s. 71(2) of the amending Act) by Finance Act 2014 (c. 26), s. 71(1)