Part 1 Amendments of Part 8 of CTA 2010
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 13 Supplementary Charge: Cluster Area Allowance

Section 50

Part 1 Amendments of Part 8 of CTA 2010

1

Part 8 of CTA 2010 (oil activities) is amended in accordance with paragraphs 2 to 4.

Cluster area allowance

2

After Chapter 8 insert—

“Chapter 9
Supplementary Charge: Cluster Area Allowance
Introduction
356´³°äÌý°¿±¹±ð°ù±¹¾±±ð·É

(1)     This Chapter sets out how relief for certain expenditure incurred in relation to a cluster area is given by way of reduction of a company's adjusted ring fence profits.

(2)     The Chapter includes provision about—

(a)     the determination of cluster areas (sections 356JD and 356JDA);

(b)     the meaning of investment expenditure (section 356JE);

(c)     the generation of allowance by the incurring of relievable investment expenditure in relation to a cluster area (section 356JF);

(d)     how allowance is activated by relevant income from the same cluster area (sections 356JH to 356JHB and 356JJ to 356JJB) in order to be available for reducing adjusted ring fence profits (sections 356JG and 356JGA);

(e)     the division of an accounting period into reference periods where a company has different shares of the equity in a licensed area or sub-area at different times in the period (section 356JI);

(f)

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