http://www.legislation.gov.uk/ukpga/2010/4/section/346/2010-04-01
Corporation Tax Act 2010
An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.
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Statute Law Database
2024-06-11
Expert Participation
2010-04-01
Corporation Tax Act 2010
s. 658(1)(d)
(e)
Finance Act 2010
Sch. 6
para. 31
Sch. 6
para. 35
Corporation Tax Act 2010
s. 357
CHA
Finance Act 2024
Sch. 2
para. 14(7)
Sch. 2
para. 16(2)
Part 8Oil activities
Chapter 7Reduction of supplementary charge for certain new oil fields
Change in equity share: transfer of field allowance
346Reduction of field allowance if equity disposed of
1
The unactivated amount of the field allowance for the new oil field which the transferor holds immediately before the disposal is to be reduced by the following amount—
where—
F is the unactivated amount of the field allowance which the transferor holds immediately before the disposal,
E1 is the transferor's share of the equity in the new oil field immediately before the disposal, and
E2 is the transferor's share of the equity in the new oil field immediately after the disposal.
2
This section has effect at the end of the day on which the disposal takes place.