84 Terminal losses accruing by virtue of another's default
Finance Act 2013 (2013 c 29) | Legislation

84  Terminal losses accruing by virtue of another's default

(1)     This section applies where—

(a)     a company defaults on a liability under—

(i)     a relevant agreement, or

(ii)     an abandonment programme,

to make a payment towards decommissioning expenditure in respect of an oil field,

(b)     in consequence of the default, another company (“the other company”) that has rights under a decommissioning relief agreement at the time of the default incurs

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