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Part 8U.K.Oil activities

[F1CHAPTER 9U.K.Supplementary charge: cluster area allowance

Textual Amendments

F1Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2

Modifications etc. (not altering text)

InterpretationU.K.

356JNWhen capital expenditure is incurredU.K.

(1)Section 5 of CAA 2001 (when capital expenditure is incurred) applies for the purposes of this Chapter as for the purposes of that Act.

(2)Regulations under section 356JE(1)(b) may make provision about when any expenditure that is investment expenditure as a result of the regulations is to be treated for the purposes of this Chapter as incurred.

356JNALicensed sub-areasU.K.

Where any person is entitled to a share of equity in a licensed area which relates to part only of that area—

(a)that part is referred to in this Chapter as a “licensed sub-area”, and

(b)the share of equity is referred to in this Chapter as a share of equity in the licensed sub-area,

and references to a licensee in a licensed sub-area are to be interpreted accordingly.

356JNBOther definitionsU.K.

In this Chapter (except where otherwise specified)—