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

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