SCHEDULE 38 Capital Allowances for Oil Decommissioning Expenditure
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 38 Capital Allowances for Oil Decommissioning Expenditure

Section 84

1

CAA 2001 is amended as follows.

2

(1)     Section 163 (meaning of “general decommissioning expenditureâ€) is amended as follows.

(2)     In subsection (1), for “(3) and (4)†substitute “(3) to (4)â€.

(3)     After subsection (3) insert—

“(3A)     The expenditure must have been incurred wholly or substantially in complying with—

(a)     an approved abandonment programme,

(b)     a condition to which the approval of an abandonment programme is subject, or

(c)     a condition imposed by the Secretary of State, or an agreement made with the Secretary of State—

(i)     before the approval of an abandonment programme, and

(ii)     in relation to the decommissioning of the plant or machinery.â€

(4)     In subsection (5)(b), insert at the beginning ““abandonment programmeâ€, “approval†and “approved†(in relation to an abandonment programme),â€.

3

(1)     Section 164 (general decommissioning expenditure incurred before cessation of ring fence trade) is amended as follows.

(2)     For subsection (1) substitute—

“(1)     A person (“Râ€) carrying on a ring fence trade may elect to have a special allowance made to R for a chargeable period (the “relevant chargeable periodâ€) if conditions A and B

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