Part 8Oil activities

C1F1CHAPTER 9Supplementary charge: cluster area allowance

Annotations:
Amendments (Textual)
F1

Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2

Modifications etc. (not altering text)

Transfers of allowance on disposal of equity share

356JKAMore than one disposal on a single day

1

Subsections (2) to (4) apply where a company makes, on a single day and in relation to a single cluster area, more than one disposal falling within section 356JK(1)(a).

2

The company may, by an election, choose the order of priority of the disposals for the purposes of section 356JK(8).

3

A disposal which is placed higher in the order of priority than another disposal is a “prior disposal” in relation to the other for the purposes of the definition of “S” in section 356JK(8).

4

An election under subsection (2) is irrevocable.