Finance Act 2012

Consequential amendments U.K.

18 (1) Part 8 of CTA 2010 (oil activities) is amended as follows. U.K.

(2) In section 270 (overview of Part)—

(a) in subsection (7), for “certain new oil fields” substitute “ eligible oil fields ”, and

(b) in subsection (8), for paragraph (c) substitute—

“(c) eligible oil field”, see section 357.”

(3) In section 330 (supplementary charge in respect of ring fence trades), in subsection (5), for “certain new oil fields” substitute “ eligible oil fields ”.

19 (1) Schedule 4 to CTA 2010 (index of defined expressions) is amended as follows. U.K.

(2) At the appropriate place insert—

“eligible oil field (in Chapter 7 of Part 8)

section 357”;

““additionally-developed oil field (in Chapter 7 of Part 8)

section 349A”.

(3) Omit the entry relating to “initial licensee (in Chapter 7 of Part 8)”.

20 U.K. In section 63 of FA 2011 (reduction of supplementary charge for new oil fields), omit subsection (3).