Part 8Oil activities

F1CHAPTER 8Supplementary charge: onshore allowance

Transfers of allowance on disposal of equity share

356HIntroduction 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”.