Part 3 U.K.Oil

61PRT: areas treated as continuing to be oil fieldsU.K.

(1)In Schedule 1 to OTA 1975 (determination of oil fields), in paragraph 7(4), for “the relevant area” substitute “ those qualifying assets ”.

(2)The amendment made by this section has effect in relation to chargeable periods that begin after 30 June 2009.

62Intangible fixed assets: oil licencesU.K.

(1)Section 809 of CTA 2009 (oil licences) is amended as follows.

(2)After subsection (1) insert—

(1A)The reference in subsection (1) to an oil licence or an interest in an oil licence includes all goodwill, and any intangible asset, which relates to, derives from or is connected with an oil licence or an interest in an oil licence.

(3)In subsection (2), for “subsection (1)” substitute “ this section ”.

(4)In subsection (4), for “subsection (1)” substitute “ this section ”.

(5)The amendments made by this section have effect in relation to accounting periods beginning on or after 23 March 2011 (and, in relation to those accounting periods, are to be treated as always having had effect).

(6)For the purposes of subsection (5), an accounting period beginning before, and ending on or after, 23 March 2011 is to be treated as if so much of the period as falls before that date, and so much of the period as falls on or after that date, were separate accounting periods.

63Reduction of supplementary charge for certain new oil fieldsU.K.

(1)In section 337 of CTA 2010 (initial licensee to hold a field allowance), in subsection (1), for “authorisation day” substitute “ accounting period in which the authorisation day falls ”.

(2)For section 350 of that Act (meaning of “new oil field”) substitute—

350New oil field”

(1)In this Chapter “new oil field” means an oil field—

(a)which is a qualifying oil field, and

(b)whose development (in whole or in part) is authorised for the first time on or after 22 April 2009.

(2)If all assets of an oil field which are relevant assets have been decommissioned, there is to be ignored for the purposes of subsection (1)(b) any authorisation in respect of that oil field which occurs before that decommissioning.

(3)Sub-paragraphs (2) to (9) of paragraph 7 of Schedule 1 to OTA 1975 apply for the purpose of determining whether relevant assets of an oil field are decommissioned as they apply for the purpose of determining whether qualifying assets of a relevant area are decommissioned.

(4)For the purposes of this section, an asset is a relevant asset of an oil field if—

(a)it has at any time been a qualifying asset (within the meaning of the Oil Taxation Act 1983) in relation to any participator in the field, and

(b)it has at any time been used for the purpose of winning oil from the field.

(3)In section 357 of that Act (other definitions), in the definition of “authorisation day”, after “authorised” insert “ as mentioned in section 350(1)(b) ”.

(4)The amendments made by this section have effect in relation to accounting periods ending on or after 1 April 2010.

(5)Corresponding amendments, having effect in relation to accounting periods ending on or after 22 April 2009, are to be treated as having been made in Schedule 44 to FA 2009.

64Chargeable gains: oil activitiesU.K.

Schedule 15 contains provisions about chargeable gains in relation to oil activities.