Part 2 Transitional Provision
Finance Act 2004 (2004 c 12) | Legislation

Part 2 Transitional Provision

Expenditure incurred in transitional period: restriction of tax-exempt tariffing receipts

9

(1)     In this paragraph—

“claim period†has the same meaning as in Part 1 of the Oil Taxation Act 1975 (c 22);

“relevant receipts†means each of the following—

(a)     tax-exempt tariffing receipts;

(b)     amounts that would be tax-exempt tariffing receipts apart from sub-paragraph (4);

“the transitional period†means the period—

(a)     beginning with 9th April 2003, and

(b)     ending with 31st December 2003.

(2)     This paragraph applies where—

(a)     expenditure was incurred in the transitional period by a participator in an oil field in acquiring, bringing into existence or enhancing the value of an asset,

(b)     the asset is one whose useful life continues, or is expected to continue, after

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