Part 2Trading income
F3Chapter 16AOil activities
Abandonment expenditure
225RF6Introduction to section 225S
1
F1Section 225S applies if—
a
paragraph 2A of Schedule 5 to OTA 1975 applies F4..., and
b
the default payment falls (in whole or part) to be attributed to the contributing participator under paragraph 2A(2) of that Schedule F7, or would fall to be so attributed if a claim under paragraph 2A(2) of that Schedule were made .
F51A
The condition in subsection (1)(b) is to be treated as met for the purposes of this section if it would be met but for the fact that the contributing participator is (or was) a participator in an oil field that is a non-taxable oil field within the meaning of Part 3 of FA 1993 (see section 185 of that Act).
2
In section 225S “the additional abandonment expenditure” means the amount which is F2or would be attributed to the contributing participator as mentioned in subsection (1)(b) (whether representing the whole or only part of the default payment).
3
In this Chapter “default payment”, “the defaulter” and “contributing participator” have the same meaning as in paragraph 2A of Schedule 5 to OTA 1975.
Pt. 2 Ch. 16A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 1 para. 2 (with Sch. 9 paras. 1-9, 22)