154 Ring fence expenditure supplement
Finance Act 2006 (2006 c 25) | Legislation

154  Ring fence expenditure supplement

(1)     Chapter 5 of Part 12 of ICTA (petroleum extraction activities) is amended as follows.

(2)     After section 496A (exploration expenditure supplement) insert—

“496B Ring fence expenditure supplement

Schedule 19C to this Act (ring fence expenditure supplement) shall have effect.”.

(3)     Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is amended as follows.

(4)     In paragraph 1 (about the Schedule)—

(a)     in sub-paragraph (1) (entitlement of company to supplement), in the opening words, after “2004” insert “but before 1st January 2006”,

(b)     in sub-paragraph (2) (condition that expenditure incurred on or after 1st January 2004), after “2004” insert “but before 1st January 2006”.

(5)     In paragraph 3 (accounting periods)—

(a)     in sub-paragraph (1), in the definition of “post-commencement period”, after “2004” insert “but before 1st January 2006”,

(b)     in sub-paragraph (1), in the definition of “pre-commencement period”, after “2004” insert “but before 1st January 2006”,

(c)     at the end insert—

“(3)     In the case

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