SCHEDULES
SCHEDULE 34Oil decommissioning expenditure: consequential amendments
CAA 2001
2
CAA 2001 is amended as follows.
3
In section 26 (demolition costs), in subsection (5), for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
4
In section 57 (available qualifying expenditure), in the entry in subsection (2) relating to section 165(3) of CAA 2001, for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
5
1
Section 164 (abandonment expenditure incurred before cessation of ring fence trade) is amended as follows.
2
In the heading, for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
3
In subsections (1), (2)(a), (3)(a), (4)(a) and (5), for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
6
1
Section 165 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows.
2
In the heading, for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
3
In subsection (1)(b) and (c), for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
4
In subsection (3)—
a
in paragraph (a), for “relevant abandonment cost” substitute “
relevant decommissioning cost
”
, and
b
in paragraph (b), for “abandonment expenditure” substitute “
general decommissioning expenditure
”
.
5
In subsection (4), in the definition of “the relevant abandonment cost”—
a
for “relevant abandonment cost” substitute “
relevant decommissioning cost
”
, and
b
for “abandonment expenditure”, in each place, substitute “
general decommissioning expenditure
”
.