Search Legislation

Corporation Tax Act 2010

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Tariff receipts etc

 Help about opening options

Version Superseded: 15/03/2018

Alternative versions:

Status:

Point in time view as at 14/03/2012.

Changes to legislation:

Corporation Tax Act 2010, Cross Heading: Tariff receipts etc is up to date with all changes known to be in force on or before 27 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Tariff receipts etcU.K.

291Tariff receipts etcU.K.

(1)Subsection (5) applies to a sum which meets conditions A, B and C.

(2)Condition A is that the sum constitutes a tariff receipt or tax-exempt tariffing receipt of a person who is a participator in an oil field.

(3)Condition B is that the sum constitutes consideration in the nature of income rather than capital.

(4)Condition C is that the sum would not, but for subsection (5), be treated as mentioned in that subsection.

(5)The sum is to be treated as a receipt of the separate trade mentioned in section 279.

(6)So far as they would not otherwise be so treated, the activities—

(a)of a participator in an oil field, or

(b)of a person connected with the participator,

in making available an asset in a way which gives rise to tariff receipts or tax-exempt tariffing receipts of the participator are to be treated for the purposes of this Part as oil extraction activities.

(7)In determining for the purposes of subsection (2) whether a sum constitutes a tariff receipt or tax-exempt tariffing receipt of a person who is a participator, no account may be taken of any sum which—

(a)is in fact received or receivable by a person connected with the participator, and

(b)constitutes a tariff receipt or tax-exempt tariffing receipt of the participator.

But in relation to the person by whom such a sum is actually received, subsection (2) has effect as if the person were a participator and as if condition A were met.

(8)References in this section to a person connected with a participator include a person with whom the person is associated, within the meaning of paragraph 11 of Schedule 2 to the Oil Taxation Act 1983, but section 1176(1) of this Act (meaning of “connected” persons) does not apply for the purposes of this section.

(9)In this section—

  • tax-exempt tariffing receipt” has the meaning given by section 6A(2) of the Oil Taxation Act 1983, and

  • tariff receipt” has the same meaning as in that Act.

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?