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 ”.