Part 8 Oil activities

CHAPTER 8 Supplementary charge: onshore allowance

Transfers of allowance on disposal of equity share

356H Introduction to sections 356HA and 356HB
(1) Sections 356HA and 356HB apply where a company (“the transferor”)—
(a) disposes of the whole or part of its share of the equity in a licensed area that is or contains a site;
(b) immediately before the disposal holds (unactivated) onshore allowance for the site concerned.
(2) Each company to which a share of the equity is disposed of is referred to in section 356HB as “a transferee”.
Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3