[225A Meaning of “oil extraction activities”]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[Basic definitions]

[225A  Meaning of “oil extraction activities”]

[(1)     In this Chapter “oil extraction activities” means activities within any of subsections (2) to (5) (but see also section 225M(6)).

(2)     Activities of a person in searching for oil in the United Kingdom or a designated area or causing such searching to be carried out for that person.

(3)     Activities of a person in extracting, or causing to be extracted for that person, oil at any place in the United Kingdom or a designated area under rights which—

(a)     authorise the extraction, and

(b)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

Escrow accounts and escrow agreements

Escrow accounts and escrow agreementsThis Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can