Part 8Oil activities

F1Chapter 7REDUCTION OF SUPPLEMENTARY CHARGE FOR ELIGIBLE OIL FIELDS

Annotations:
Amendments (Textual)
F1

Pt. 8 Ch. 7 omitted (with effect in accordance with Sch. 12 para. 6-8 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 12 para. 3

Reduction of adjusted ring fence profits

333Reduction of adjusted ring fence profits

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Pool of field allowances

334Company's pool of field allowances

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335Carrying part of pool of field allowances into following period

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336Carrying whole of pool of field allowances into following period

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Field allowance: when held and unactivated amount

337Licensee to hold field allowance

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338Holding a field allowance on acquisition of equity share

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339Unactivated amount of field allowance

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No change in equity share: activation of allowance

340Introduction to section 341

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341Activation of field allowance

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Change in equity share: activation of allowance

342Introduction to sections 343 and 344

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343Reference periods

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344Activation of field allowance

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Change in equity share: transfer of field allowance

345Introduction to sections 346 and 347

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346Reduction of field allowance if equity disposed of

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347Acquisition of field allowance if equity acquired

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Miscellaneous

348Adjustments

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349Orders

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Interpretation

349A“Additionally-developed oil field”

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350“New oil field”

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351“Authorisation of development of an oil field”

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352“Qualifying oil field”

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353“Small oil field”

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354“Ultra heavy oil field”

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355“Ultra high pressure/high temperature oil field”

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355A“Large deep water oil field”

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355B“Large shallow water gas field”

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355C“Deep water gas field”

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356“Total field allowance for a new oil field”

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356A“Total field allowance for an additionally-developed oil field”

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356AAOther definitions

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357Other definitions

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