Finance Act 2004

7 (1) In Part 2 of Schedule 1, paragraph 7 is amended as follows. U.K.

(2) In sub-paragraph (1)(c) (use of asset otherwise than in connection with a taxable field between acquisition etc and first use in connection with oil field)—

(a) after “was used” insert “ (i) ”;

(b) after “otherwise than in connection with a taxable field,” insert “ or ”;

(c) after the word “or” so inserted, insert the following sub-paragraph—

“(ii) in connection with a taxable field in a way that gives rise to tax-exempt tariffing receipts,”.