Section 332CA — Corporation Tax Act 2010: Expenditure incurred before field is determined

Expenditure incurred before field is determined 332CA 1 This section applies to expenditure incurred by a company on or after 1 April 2015 for the purposes of oil-related activities if or to the extent that the following conditions are met.

2 The conditions are—

a that the expenditure was in respect of an area, b that, at the time the expenditure was incurred, the area had not been determined under Schedule 1 to OTA 1975 to be an oil field, c that the area is subsequently determined under that Schedule to be an oil field, and d that the company is a licensee in the oil field.

3 Where this section applies in relation to an amount of expenditure, that amount is treated for the purposes of this Chapter as incurred by the company—

a in relation to the oil field, and b at the time when the area is determined under Schedule 1 to OTA 1975 to be an oil field.