Section 356CB — Corporation Tax Act 2010: Expenditure not related to an established site

Expenditure not related to an established site 356CB 1 A company may make an election under this section in relation to capital expenditure incurred by it for the purposes of onshore oil-related activities if the appropriate condition is met.

2 The appropriate condition is that at the time of the election no site can be identified as a site in relation to which the expenditure has been incurred.

3 An election may not be made before the beginning of the third accounting period of the company after that in which the expenditure is incurred.

4 An election must specify—

a the expenditure in question, b a site (“the specified site”) every part of which is, or is part of, an area in which the company is a licensee, and c an accounting period of the company (“the specified accounting period”).

5 The specified accounting period must not be earlier than the accounting period in which the election is made.

6 Where a company makes an election under this section 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 specified site, and b at the beginning of the specified accounting period.