Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 44 U.K. Supplementary charge: reduction for certain new oil fields

Part 3 U.K. Field allowance: when held and unactivated amount

Initial licensee to hold a field allowance U.K.

5 (1) A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the authorisation day. U.K.

(2) The amount of the field allowance which the licensee is to hold at that time is—

where—

T is the amount of the total field allowance for the field (see paragraph 24), and

S is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.