Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 7: Reduction of supplementary charge for certain new oil fields
Section 347: Acquisition of field allowance if equity acquired

1097.This section provides the calculation of field allowance where a company (“the transferee”) acquires an equity interest in a new oil field. It is based on paragraph 15 of Schedule 44 to FA 2009.