Part 1 Abandonment Guarantees and Abandonment Expenditure
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 31 Miscellaneous Amendments Relating to Decommissioning

Section 89

Part 1 Abandonment Guarantees and Abandonment Expenditure

Expenditure on abandonment guarantees

1

(1)     In Part 2 of ITTOIA 2005 (trading income), Chapter 16A (oil activities) is amended as follows.

(2)     In section 225N (expenditure on and under abandonment guarantees)—

(a)     after subsection (1) insert—

“(1´¡)     Subsection (2) also applies if expenditure incurred by a participator in an oil field would be so allowable as a result of section 3(1)(hh) of that Act but for the fact that the oil field is a non-taxable oil field within the meaning of Part 3 of FA 1993 (see section 185 of that Act).â€;

(b)     in subsection (2), for “that expenditure is so allowable†substitute “the expenditure mentioned in subsection (1) or (1A) is or would be so allowableâ€.

(3)     In section 225R (introduction to sections 225S and 225T)—

(a)     in paragraph (a) of subsection (1), omit the words from “, or would apply†to “madeâ€;

(b)     in paragraph (b) of that subsection, after “Schedule†insert “, or would fall to be so attributed if a claim under paragraph 2A(2) of that Schedule were madeâ€;

(c)     after subsection (1) insert—

“(1´¡)

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