Finance Act 2004

Qualifying assets U.K.

Qualifying assets U.K.

12 (1) Section 98 of the Finance Act 1999 (c. 16) is amended as follows. U.K.

(2) After the words “tariff receipts”, in each place where they occur, insert “ , tax-exempt tariffing receipts ”.

(3) After subsection (6) insert—

“(6A) In relation to tax-exempt tariffing receipts, any reference in this section—

(a) to being attributable to a field for a period, or

(b) to being referable to an asset,

shall be construed as if tax-exempt tariffing receipts were tariff receipts (and expenditure were or had been allowable accordingly).”.