Section 98 | Qualifying Assets | Finance Act 1999 C16

98 Qualifying assets

Finance Act 1999 (1999 c 16) | Legislation

98 Qualifying assets

(1) Subsection (2) below applies where—

(a) an asset which is not a mobile asset is a qualifying asset for the purposes of the Oil Taxation Act 1983 in relation to a person (“the taxpayer”) who is a participator in an oil field (“the field”);

(b) tariff receipts[, tax-exempt tariffing receipts] or disposal receipts of the taxpayer which are referable to the asset are attributable to the field for a chargeable period (“the earlier period”);

(c) receipts of the taxpayer which are referable to the asset for a subsequent chargeable period (“the later period”) would not, apart from this section, be tariff receipts[, tax-exempt tariffing receipts] or disposal receipts attributable to the field for that period as a result of—

(i) the taxpayer's ceasing to be a participator in the field; or

(ii) his becoming a participator in another oil field; and

(d) not more than two chargeable periods intervene between the earlier period and the later period.

(2) The Oil Taxation Acts shall have effect, in relation to the later period and any subsequent chargeable period, as if—

(a) receipts of the taxpayer which are referable to the asset for the period concerned were tariff