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Finance Act 2013
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Expenditure under abandonment guarantees
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3In Schedule 3 to OTA 1975 (petroleum revenue tax: miscellaneous provisions), in paragraph 8 (certain subsidised expenditure to be disregarded), after sub-paragraph (1) insert—
“(1A)But sub-paragraph (1) above does not apply to any expenditure for which the relevant participator is liable that has been or is to be met directly or indirectly out of a payment made by the guarantor under an abandonment guarantee.
(1B)In sub-paragraph (1A) above—
“abandonment guarantee” has the same meaning as it has for the purposes of section 3 of this Act (see section 104 of the Finance Act 1991), and
“the guarantor” and “the relevant participator” have the same meaning as in section 104 of that Act.”
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