SCHEDULE 22 Reduction of Supplementary Charge for Certain Oil Fields
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 22 Reduction of Supplementary Charge for Certain Oil Fields

Section 184

Amendments of Chapter 7 of Part 8 of CTA 2010

1

In Part 8 of CTA 2010 (oil activities), Chapter 7 (reduction of supplementary charge for certain new oil fields) is amended as follows.

2

In section 334 (company's pool of field allowances), for “new oil fields†substitute “eligible oil fieldsâ€.

3

(1)     Section 337 (initial licensee to hold a field allowance) is amended as follows.

(2)     In subsection (1)—

(a)     for “an initial licensee in a new oil field†substitute “a licensee in an additionally-developed oil field or a new oil field (an “eligible oil fieldâ€) on the authorisation dayâ€, and

(b)     at the end insert “(and accordingly may hold more than one field allowance for the field at the same time)â€.

(3)     In subsection (2), omit “initialâ€.

(4)     The heading of that section becomes “Licensee to hold field allowanceâ€.

4

In section 338 (holding a field allowance on acquisition of equity share), for “a new oil field†substitute “an eligible oil fieldâ€.

5

In section 339 (unactivated amount of field allowance), in subsections (1)

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