SCHEDULES

SCHEDULE 22Reduction of supplementary charge for certain oil fields

Amendments of Chapter 7 of Part 8 of CTA 2010

3

(1)

Section 337 (initial licensee to hold a field allowance) is amended as follows.

(2)

In subsection (1)—

(a)

for “an initial licensee in a new oil field” substitute “ a licensee in an additionally-developed oil field or a new oil field (an “eligible oil field”) on the authorisation day ”, and

(b)

at the end insert “ (and accordingly may hold more than one field allowance for the field at the same time) ”.

(3)

In subsection (2), omit “initial”.

(4)

The heading of that section becomes “ Licensee to hold field allowance ”.