[225V Receipts arising from decommissioning]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[Receipts arising from decommissioning]

[225V  Receipts arising from decommissioning]

[(1)     This section applies if—

(a)     a person that is or has been carrying on a ring fence trade (“the defaulter”) has defaulted on a liability under—

(i)     a relevant agreement, or

(ii)     an abandonment programme,

to make a payment towards decommissioning expenditure,

(b)     another person that is or has been carrying on a ring fence trade (“the contributing person”) pays an amount (“the relevant contribution”) in or towards meeting the whole or part of the default, and

(c)     the amount of the relevant contribution is less than the sum of the amounts within subsection (2).

(2)     The amounts within this subsection are—

(a)     any payments

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