Part 3 Commencement and Transitional Provision
Finance Act 2014 (2014 c 26) | Legislation

Part 3 Commencement and Transitional Provision

Commencement of onshore allowance

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(1)     The amendments made by paragraphs 3 and 5(1), (2)(a), (3) and (4) have effect in relation to capital expenditure incurred on or after 5 December 2013.

(2)     The amendments made by paragraph 4 have effect in relation to any accounting period of a company in which a post-commencement authorisation day falls.

(3)     In sub-paragraph (2) “post-commencement authorisation day†means an authorisation day (as defined for Chapter 7 of Part 8 of CTA 2010) that is 5 December 2013 or a later day.

(4)     Section 5 of CAA 2001 (when capital expenditure is incurred) applies for the purposes of this paragraph as for the purposes of that Act.

Option to defer commencement

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(1)     This paragraph applies in relation to any oil field whose development (in whole or in part) is authorised for the first time on or after 5 December 2013 but before 1 January 2015.

(2)     At any time before 1 January 2015, the companies that are licensees in the oil field may jointly elect that

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