Finance Act 2008 (c. 9)

SCHEDULES

Section 109

SCHEDULE 34 U.K. Oil decommissioning expenditure: consequential amendments

ICTA U.K.

1 U.K. In section 393A of ICTA (losses: set off against profits), in subsections (2C)(b) and (11)(a), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

CAA 2001 U.K.

2 U.K. CAA 2001 is amended as follows.

3 U.K. In section 26 (demolition costs), in subsection (5), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

4 U.K. 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. U.K.

(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. U.K.

(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 ”.