874Activities in UK sector of continental shelfU.K.
(1)Any profits—
(a)from exploration or exploitation activities carried on in the UK sector of the continental shelf, or
(b)from exploration or exploitation rights,
are treated for income tax purposes as profits from activities or property in the United Kingdom.
(2)In this section—
“exploration or exploitation activities” means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or the UK sector of the continental shelf,
“exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or interests in or to the benefit of such assets, and
“the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964 (c. 29).