Corporation Tax Act 2010 (c. 4)

[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 17 U.K. Excluded trades, excluded activities and back-office activities

Excluded activities U.K.

357XF Re-insurance activity U.K.

The activity of effecting or carrying out re-insurance contracts is an “excluded activity”.

357XG Exploration and exploitation of UK sector of continental shelf U.K.

(1) An activity is an “excluded activity” if it is—

(a) an exploration or exploitation activity, or

(b) an activity carried on in connection with exploration or exploitation rights.

(2) In this section—

• “exploration or exploitation activity” means an activity carried on in connection with the exploration or exploitation of so much of the sea-bed and subsoil and their natural resources as is situated in the UK sector of the continental shelf;

• “exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets;

• “the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.]