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

SCHEDULE 14 Investment Allowance and Cluster Area Allowance: Further Amendments

Section 51

Part 1 Amendments of CTA 2010

1

CTA 2010 is amended as follows.

2

(1)     Section 270 (overview of Part) is amended as follows.

(2)     After subsection (6) insert—

“(6A)     Chapter 6A makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to qualifying oil fields for the purposes of oil-related activities.â€

(3)     Omit subsection (7).

(4)     After subsection (7A) insert—

“(7B)     Chapter 9 makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to a cluster area for the purposes of oil-related activities.â€

(5)     In subsection (8)—

(a)     at the end of paragraph (a) insert “andâ€, and

(b)     omit paragraph (c) and the “and†before it.

3

In section 330 (supplementary charge in respect of ring fence trades), for subsection (5) substitute—

“(5)     This Chapter is subject to—

(a)     Chapter 6A (reduction of supplementary charge: investment allowance),

(b)     Chapter 8 (reduction of supplementary charge: onshore allowance), and

(c)     Chapter 9 (reduction of supplementary charge: cluster area allowance).â€

4

After section 330

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