SCHEDULE 16 Oil Contractors: Ring-fence Trade etc
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 16 Oil Contractors: Ring-fence Trade etc

Section 73

CTA 2010

1

CTA 2010 is amended as follows.

2

In section 1 (overview of Act), in subsection (3), after paragraph (a) insert—

“(aa)     oil contractor activities (see Part 8ZA),

(ab)     profits arising from the exploitation of patents etc (see Part 8A),â€.

3

In Chapter 4 of Part 8 (oil activities: calculation of profits), after section 285 insert—

“Hire of relevant assets
285A Restriction on hire etc of relevant assets to be brought into account

(1)     This section applies if—

(a)     oil contractor activities are, or are to be, carried out, and

(b)     a company that carries on a ring fence trade makes, or is to make, one or more payments under a lease of a relevant asset, or part of a relevant asset, which is, or is to be, provided, operated or used in the relevant offshore service in question.

(2)     The total amount that may be brought into account in respect of the payments for the purposes of calculating the company's ring fence profits in an accounting period is limited to the hire cap.

(3)     The “hire cap†is an amount

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Enforcing a warrant of control

Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes

LEXISNEXIS

Removal of a director

Removal of a directorThis note should be read in conjunction with Practice Note: Appointment, retirement and resignation of a director.For an illustration of the steps that must be taken to remove a director, see Removal of a director—flowchart.Removal from officeResolution to remove a directorA

LEXISNEXIS

Criminal damage

Criminal damageGeneralSimple criminal damage is triable either way unless the value of the alleged damage is £5,000 or less, in which case the offence will be treated as if it were triable only summarily.Where the damage is caused by fire or the racially aggravated form of the offence is charged,

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece