Section 357XG — Corporation Tax Act 2010: Exploration and exploitation of UK sector of continental shelf

Exploration and exploitation of UK sector of continental shelf 357XG 1 An activity is an “excluded activity” if it is—

a an exploration or exploitation activity, or b an activity carried on in connection with exploration or exploitation rights.

2 In this section— “ exploration or exploitation activity ” means an activity carried on in connection with the exploration or exploitation of so much of the sea-bed and subsoil and their natural resources as is situated in the UK sector of the continental shelf; “ exploration or exploitation rights ” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets; “ the UK sector of the continental shelf ” means the areas designated by Order in Council under section 1(7) of the Continental Shelf Act 1964.