F1PART 8BTrading profits taxable at the Northern Ireland rate

Annotations:
Amendments (Textual)
F1

Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 17Excluded trades, excluded activities and back-office activities

Excluded activities

357XGExploration and exploitation of UK sector of continental shelf

1

An activity is an “excluded activity” if it is—

a

an exploration or exploitation activity, or

b

an activity carried on in connection with exploration or exploitation rights.

2

In this section—

  • “exploration or exploitation activity” means an activity carried on in connection with the exploration or exploitation of so much of the sea-bed and subsoil and their natural resources as is situated in the UK sector of the continental shelf;

  • “exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets;

  • “the UK sector of the continental shelf” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.