SCHEDULE 22 Reduction of Supplementary Charge for Certain Oil Fields
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 22 Reduction of Supplementary Charge for Certain Oil Fields

Section 184

Amendments of Chapter 7 of Part 8 of CTA 2010

1

In Part 8 of CTA 2010 (oil activities), Chapter 7 (reduction of supplementary charge for certain new oil fields) is amended as follows.

2

In section 334 (company's pool of field allowances), for “new oil fields” substitute “eligible oil fields”.

3

(1)     Section 337 (initial licensee to hold a field allowance) is amended as follows.

(2)     In subsection (1)—

(a)     for “an initial licensee in a new oil field” substitute “a licensee in an additionally-developed oil field or a new oil field (an “eligible oil field”) on the authorisation day”, and

(b)     at the end insert “(and accordingly may hold more than one field allowance for the field at the same time)”.

(3)     In subsection (2), omit “initial”.

(4)     The heading of that section becomes “Licensee to hold field allowance”.

4

In section 338 (holding a field allowance on acquisition of equity share), for “a new oil field” substitute “an eligible oil field”.

5

In section 339 (unactivated amount of field allowance), in subsections (1)

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