Part 1 Amendments of Part 8 of CTA 2010
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 15 Supplementary Charge: Onshore Allowance

Section 70

Part 1 Amendments of Part 8 of CTA 2010

1

Part 8 of CTA 2010 (oil activities) is amended as follows.

Onshore allowance

2

Section 357 (other definitions) is renumbered as section 356AA.

3

After Chapter 7 insert—

“Chapter 8
Supplementary Charge: Onshore Allowance
Introduction
356µþÌý°¿±¹±ð°ù±¹¾±±ð·É

This Chapter sets out how relief for certain capital expenditure incurred for the purposes of onshore oil-related activities is given by way of reduction of a company's adjusted ring fence profits, and includes provision about—

(a)     the need for allowance held for a site to be activated by relevant income from the same site in order for the allowance to be available for reducing adjusted ring fence profits,

(b)     elections by a company to transfer allowance between different sites in which it is a licensee (see section 356F), and

(c)     mandatory transfers of allowance where shares in the equity in a licensed area are disposed of (see sections 356H to 356HB and the related provisions in sections 356G to 356GD).

356BA “Onshore oil-related activitiesâ€

(1)     In this Chapter “onshore oil-related activities†means activities of a company which are carried on onshore and—

(a)

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