SCHEDULE 38 Schedule to be Inserted as Schedule 19B to the Taxes Act 1988
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 38 Schedule to be Inserted as Schedule 19B to the Taxes Act 1988

Section 286

The following is the Schedule to be inserted as Schedule 19B to the Taxes Act 1988—

“SCHEDULE 19B
Petroleum Extraction Activities: Exploration Expenditure Supplement
Section 496A
Part 1
Introductory
About this Schedule
1

(1)     This Schedule entitles a company carrying on a ring fence trade, on making a claim in respect of an accounting period ending on or after 1st January 2004, to a supplement (initially of 6%, but variable by Treasury order) in respect of—

(a)     qualifying capital expenditure incurred before the trade is set up and commenced,

(b)     losses incurred in the trade, determined by reference to allowances under Part 6 of the Capital Allowances Act (expenditure on research and development) in respect of qualifying capital expenditure, and

(c)     some or all of the supplement allowed in respect of earlier periods.

(2)     To qualify, the capital expenditure in question must be incurred on or after 1st January 2004 in respect of oil and gas exploration and appraisal (as well as satisfying other conditions).

(3)     Part 2 makes provision about the application and interpretation of this Schedule.

(4)     Part

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