287 Restrictions on expenditure allowable
Finance Act 2004 (2004 c 12) | Legislation

287  Restrictions on expenditure allowable

(1)     In Schedule 4 to the Oil Taxation Act 1975 (c 22), paragraph 2 (restrictions on expenditure allowable where acquisition etc from connected person or otherwise not at arm's length) is amended as follows.

(2)     In sub-paragraph (1), for the words following paragraph (b) (which limit the expenditure allowable to the cost in a transaction to which paragraph 2 does not apply) substitute—

“as having incurred that expenditure only to the extent that it does not exceed the lowest of the amounts described in sub-paragraph (1ZA) below which is applicable in the particular case.”.

(3)     After sub-paragraph (1) insert—

“(1ZA)     Those amounts are—

(a)     the amount of expenditure (other than loan expenditure) incurred up to the time mentioned in sub-paragraph (1) above in a transaction to which this paragraph does not apply (or, if there has been more

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