Section 356HB — Finance Act 2014: Acquisition of allowance if equity acquired

Acquisition of allowance if equity acquired 356HB 1 A transferee is treated as generating at the site concerned, at the beginning of the reference period or accounting period of the transferee that begins with, or because of, the disposal, onshore allowance of the amount given by subsection (2).

2 The amount is— R × E3 E1 − E2 where— R is the amount determined for the purposes of the deduction under section 356HA(1); E3 is the share of equity in the licensed area that the transferee has acquired from the transferor; E1 and E2 are the same as in section 356HA.