Section 109
SCHEDULE 34Oil decommissioning expenditure: consequential amendments
ICTA
1In 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
2CAA 2001 is amended as follows.
3In section 26 (demolition costs), in subsection (5), for “abandonment expenditure” substitute “general decommissioning expenditure”.
4In 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”.