SCHEDULES
SCHEDULE 15Supplementary charge: onshore allowance
PART 2Minor and consequential amendments
5
1
CTA 2010 is amended as follows.
2
In section 270 (overview of Part)—
a
after subsection (7) insert—
7A
Chapter 8 makes provision about the reduction of supplementary charge by an allowance for capital expenditure incurred for the purposes of onshore oil-related activities.
b
in subsection (8)(c), for “357” substitute “
356AA
”
.
3
In section 333 (reduction of adjusted ring fence profits)—
a
in subsection (1), after “reduced” insert “
(but not below zero)
”
;
b
omit subsection (2).
4
In section 356AA (as renumbered by paragraph 2)(definitions for Chapter 7), in the definition of “adjusted ring fence profits”, at the end insert “
; but see also section 356DB (companies with allowances under Chapter 8 as well as this Chapter)
”
.
5
In Schedule 4 (index of defined expressions)—
a
at the appropriate places insert—
adjusted ring fence profits (in Chapter 8 of Part 8)
section 356JB
cumulative total amount of activated allowance (in Chapter 8 of Part 8)
section 356JB
onshore allowance (in Chapter 8 of Part 8)
section 356JB
onshore oil-related activities (in Chapter 8 of Part 8)
section 356BA
relevant income (in Chapter 8 of Part 8)
section 356E(3)
site (in Chapter 8 of Part 8)
section 356BC
b
in the entries for “adjusted ring fence profits”, “authorisation day”, “eligible oil field”, “licensee” and “relevant income” (in each case, as those expressions are defined for Chapter 7 of Part 8 of CTA 2010), for “357” substitute “
356AA
”
.