Part 1 Amendments of Part 8 of CTA 2010
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 12 Supplementary Charge: Investment Allowance

Section 49

Part 1 Amendments of Part 8 of CTA 2010

1

Part 8 of CTA 2010 (oil activities) is amended in accordance with paragraphs 2 and 3.

Investment allowance

2

After Chapter 6 insert—

“Chapter 6A
Supplementary Charge: Investment Allowance
Introduction
332´¡Ìý°¿±¹±ð°ù±¹¾±±ð·É

(1)     This Chapter sets out how relief for certain expenditure incurred in relation to a qualifying oil field is given by way of reduction of a company's adjusted ring fence profits.

(2)     The Chapter includes provision about—

(a)     the oil fields that are qualifying oil fields (section 332B);

(b)     the expenditure that is investment expenditure (section 332BA);

(c)     the generation of allowance by the incurring of relievable investment expenditure in relation to a qualifying oil field (sections 332C and 332CA);

(d)     restrictions on the expenditure that is relievable (sections 332D to 332DC);

(e)     how allowance is activated by relevant income from the same oil field (sections 332F to 332FC and 332H to 332HB) in order to be available for reducing adjusted ring fence profits (sections 332E and 332EA);

(f)     the division of an accounting period into reference periods where a company has different shares

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