Section 107 — Finance Act 2008: Elections for oil fields to become non-taxable

Elections for oil fields to become non-taxable 107 1 Section 185 of FA 1993 is amended as follows.

2 Before subsection (1) insert— A1 In this Part of this Act— “ non-taxable field ” means an oil field which meets the conditions in subsection (1), (1ZA) or (1A), and “ taxable field ” means an oil field which is not a non-taxable field.

3 In subsection (1)—

a for the words before paragraph (a) substitute— 1 An oil field meets the conditions in this subsection if it is an oil field— , and b omit the words after paragraph (b).

4 After that subsection insert— 1ZA An oil field meets the conditions in this subsection if—

a the field does not meet the conditions in subsection (1),

and b an election under Schedule 20A that the field is to be non-taxable is in effect.

5 In subsection (1A), before paragraph (a) insert—

za the field does not meet the conditions in subsection (1), .

6 Before Schedule 21 to FA 1993, insert Schedule 20A that is set out in Part 1 of Schedule 33 to this Act.

7 Part 2 of Schedule 33 contains other amendments relating to the amendments made by this section.