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Corporation Tax Act 2010

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This is the original version (as it was originally enacted).

291Tariff receipts etc
This section has no associated Explanatory Notes

(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.

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