Section 287A — Corporation Tax Act 2010: Restriction where debits or credits relate to decommissioning security settlement

Restriction where debits or credits relate to decommissioning security settlement 287A 1 No debits or credits are to be brought into account for the purposes of Part 5 of CTA 2009 (loan relationships) in respect of a company's loan relationship so far as the loan relationship is in respect of property comprised in a decommissioning security settlement.

2 For the purposes of this section a settlement is a “decommissioning security settlement” if the sole or main purpose of the settlement is to provide security for the performance of obligations under an abandonment programme.

3 In subsection (2)— “ abandonment programme ” means an abandonment programme approved under Part 4 of the Petroleum Act 1998 (including such a programme as revised), and “ security ” has the same meaning as in section 38A of that Act.