Version Superseded: 01/04/2010
Point in time view as at 06/04/2005. This version of this provision has been superseded.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 16.
(1)If a person carries on any oil-related activities as part of a trade, those activities are treated for income tax purposes as a separate trade, distinct from all other activities carried on by the person as part of the trade.
(2)For this purpose the following are oil-related activities—
(a)oil extraction activities, and
(b)any activities consisting of the acquisition, enjoyment or exploitation of oil rights.
(3)“Oil extraction activities” and “oil rights” have the meaning given by section 502(1) of ICTA.
Modifications etc. (not altering text)
C1S. 16 excluded (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 87, 1034, (with transitional provisions and savings in Sch. 2)
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
