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(1)In sections 164 and 165 “abandonment expenditure” means expenditure which meets the requirements in subsections (2) to (4).
(2)The expenditure must have been incurred—
(a)for the purposes of, or in connection with, the closing down of an oil field or of any part of an oil field, and
(b)on the [F1decommissioning] plant or machinery—
(i)which has been brought into use for the purposes of a ring fence trade, and
(ii)which is, or forms part of, an offshore installation or a submarine pipeline [F2or which, when last in use for the purposes of a ring-fence trade, was, or formed part of, such an installation or pipeline.]
(3)The [F3decommissioning] of the plant or machinery must be carried out, wholly or substantially, to comply with—
(a)an abandonment programme, or
(b)any condition to which the approval of an abandonment programme is subject.
(4)The plant or machinery must not be replaced.
[F4(4A) In this section “ decommissioning ”, in relation to any plant or machinery, means—
(a)demolishing the plant or machinery,
(b)preserving the plant or machinery pending its reuse or demolition,
(c)preparing the plant or machinery for reuse, or
(d)arranging for the reuse of the plant or machinery.
(4B)In determining whether expenditure is incurred on preserving plant or machinery pending its reuse or demolition, it is immaterial whether the plant or machinery is reused, is demolished or is partly reused and partly demolished.
(4C)In determining whether expenditure is incurred on preparing plant or machinery for reuse, or on arranging for the reuse of plant or machinery, it is immaterial whether the plant or machinery is in fact reused.]
(5)In this section—
(a)“oil field” has the same meaning as in Part I of OTA 1975, and
(b)“abandonment programme”, “offshore installation” and “submarine pipeline” have the same meaning as in Part IV of the Petroleum Act 1998 (c. 17).
Textual Amendments
F1Words in s. 163(2)(b) substituted (with effect as mentioned in Sch. 20 para. 9(1)(5)(8) of the amending Act) by Finance Act 2001 (c. 9), s. 68, Sch. 20 Pt. 2 para. 6(2)
F2Words in s. 163(2)(b)(ii) inserted (with effect as mentioned in Sch. 20 para. 9(1)(5)(8) of the amending Act) by Finance Act 2001 (c. 9), s. 68, Sch. 20 Pt. 2 para. 6(3)
F3Word in s. 163(3) substituted (with effect as mentioned in Sch. 20 para. 9(1)(5)(8) of the amending Act) by Finance Act 2001 (c. 9), s. 68, Sch. 20 Pt. 2 para. 6(4)
F4S. 163(4A)-(4C) inserted (with effect as mentioned in Sch. 20 para. 9(1)(5)(8) of the amending Act) by Finance Act 2001 (c. 9), s. 68, Sch. 20 Pt. 2 para. 6(5)
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