Part 1 Amendments of the Oil Taxation Act 1983 Relating to Allowable Expenditure and Disposal Receipts
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 37 Oil Taxation: Tax-Exempt Tariffing Receipts and Assets Producing Them

Section 285

Part 1 Amendments of the Oil Taxation Act 1983 Relating to Allowable Expenditure and Disposal Receipts

Introductory

1

The Oil Taxation Act 1983 (c 56) is amended in accordance with the following provisions of this Part.

Expenditure incurred on long-term assets other than non-dedicated mobile assets

2

(1)     Section 3 (expenditure incurred on long-term assets other than non-dedicated mobile assets) is amended as follows.

(2)     In subsection (4) (whole of expenditure to be allowable, except as provided by the provisions there specified) for “section 4†substitute “sections 3A and 4â€.

Exclusion from s 3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts

3

After section 3 insert—

“3A Exclusion from section 3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts

(1)     This section applies where—

(a)     expenditure incurred on or after 1st January 2004 falls within section 3 (1) above, but

(b)     some of the use (or expected use) of the asset in relation to which the expenditure was incurred is use in a way that gives rise to tax-exempt tariffing receipts (see section 6A(2) below).

(2)

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