Section 332DC — Corporation Tax Act 2010: Restriction relating to fields qualifying for onshore allowance

Restriction relating to fields qualifying for onshore allowance 332DC 1 This section applies to investment expenditure which is incurred—

a for the purposes of onshore oil-related activities in respect of an oil field which is a qualifying site within the meaning of section 356C (generation of onshore allowance),

and b on a day at the beginning of which neither of the disqualifying conditions in section 356CA (disqualifying conditions for section 356C(4)(b)) is met.

2 Expenditure to which this section applies is not relievable expenditure for the purposes of section 332C.

3 In this section “ onshore oil-related activities ” has the same meaning as in Chapter 8 (see section 356BA).