SCHEDULE 21 Relief in Respect of Decommissioning Expenditure
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 21 Relief in Respect of Decommissioning Expenditure

Section 183

Restriction of relief available in respect of decommissioning expenditure

1

Part 8 of CTA 2010 (oil activities) is amended as follows.

2

In section 330 (supplementary charge in respect of ring fence trades), at the end of subsection (2) insert—

“See also sections 330A and 330B (which provide for the amount of adjusted ring fence profits to be further adjusted where decommissioning expenditure has been taken into account).â€

3

After section 330 insert—

“330A Decommissioning expenditure taken into account in calculating ring fence profits

(1)     This section applies where—

(a)     any decommissioning expenditure is taken into account in calculating the amount mentioned in paragraph (a) of subsection (3) of section 330 or the amount mentioned in paragraph (b) of that subsection, and

(b)     if that expenditure were not so taken into account, the amount of the adjusted ring fence profits of the company for the accounting period would be greater than nil.

(2)     In calculating for the purposes of section 330(1) the amount of the adjusted ring fence profits of the company for the accounting period, there is to be added an amount equal to the

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