Part 1 Petroleum Revenue Tax
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 41 Oil Assets Put to Other Uses

Section 87

Part 1 Petroleum Revenue Tax

Allowance of decommissioning and restoration expenditure

1

(1)     Section 3 of OTA 1975 (allowance of expenditure) is amended as follows.

(2)     In subsection (1C)(b), for “in connection with the field†substitute “for a qualifying purposeâ€.

(3)     In subsection (1D), for “in connection with the field†substitute “for a qualifying purposeâ€.

(4)     After that subsection insert—

“(1DA)     In subsections (1C) and (1D) a reference to use for a qualifying purpose is a reference to—

(a)     use in connection with the taxable field mentioned in subsection (1C), and

(b)     other use in—

(i)     the United Kingdom,

(ii)     the territorial sea of the United Kingdom, or

(iii)     a designated area,

except use wholly or partly for an ineligible oil purpose.

(1DB)     In subsection (1DA)(b)

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