Section EJ 13 — Income Tax Act 2007: Relinquishing petroleum mining permit

EJ 13 Relinquishing petroleum mining permit When this section applies (1) This section applies when a petroleum miner relinquishes a petroleum permit. Amount of deduction (2) The amount of the deduction that the miner is allowed on relinquishing the permit is the difference between— (a) the amount of the deduction allowed under section DT 5 (Petroleum development expenditure) and attributable to— (i) the permit; or (ii) an asset of the kind described in section CT 7(1)(b) or (c) (Meaning of petroleum mining asset) held solely in connection with the permit; and (b) any part of the deduction allocated to earlier income years under section EJ 12(2) or EJ 12B(3) . Timing of deduction (3) The deduction is allocated to the income year in which the miner relinquishes the permit. Defined in this Act: amount , deduction , income year , petroleum miner , petroleum permit , Compare: 2004 No 35 s EJ 12 Section EJ 13(2)(b): amended (with effect on 1 April 2008), on 6 October 2009, by section 128(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).