Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 347 — Acquisition of field allowance if equity acquired
Acquisition of field allowance if equity acquired 347 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 348 — Adjustments
Adjustments 348 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 349 — Orders
Orders 349 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 349A — “Additionally-developed oil field”
“Additionally-developed oil field” 349A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 350 — “New oil field”
“New oil field” 350 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 351 — “Authorisation of development of an oil field”
“Authorisation of development of an oil field” 351 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 352 — “Qualifying oil field”
“Qualifying oil field” 352 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 353 — “Small oil field”
“Small oil field” 353 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 354 — “Ultra heavy oil field”
“Ultra heavy oil field” 354 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 355 — “Ultra high pressure/high temperature oil field”
“Ultra high pressure/high temperature oil field” 355 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 355A — “Large deep water oil field”
“Large deep water oil field” 355A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 355B — “Large shallow water gas field”
“Large shallow water gas field” 355B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 355C — “Deep water gas field”
“Deep water gas field” 355C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 356 — “Total field allowance for a new oil field”
“Total field allowance for a new oil field” 356 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 356A — “Total field allowance for an additionally-developed oil field”
“Total field allowance for an additionally-developed oil field” 356A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 356AA — Other definitions
Other definitions 356AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 356BA — “Onshore oil-related activities”
“Onshore oil-related activities” 356BA 1 In this Chapter “ onshore oil-related activities ” means activities of a company which are carried on onshore and— a fall within any of subsections (1) to (4)…
Section 356CA — Disqualifying conditions for section 356C(4)(b)
Disqualifying conditions for section 356C(4)(b) 356CA 1 The first disqualifying condition is that production from the site is expected to exceed 7,000,000 tonnes. 2 The second disqualifying condition…
Section 356CAA — Expenditure on acquisition of asset: further disqualifying conditions
Expenditure on acquisition of asset: further disqualifying conditions 356CAA 1 Capital expenditure incurred by a company (“the acquiring company“) on the acquisition of an asset (“the acquisition…
Section 356DA — Carrying forward of activated allowance
Carrying forward of activated allowance 356DA 1 This section applies where, in the case of a company and an accounting period— a the cumulative total amount of activated allowance (see section…
Section 356EA — The closing balance of unactivated allowance for an accounting period
The closing balance of unactivated allowance for an accounting period 356EA The closing balance of unactivated allowance held by a company for an accounting period and a site is— P + Q − R where— P…
Section 356GA — Reference periods
Reference periods 356GA 1 For the purposes of sections 356GB to 356GD, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the…
Section 356HA — Reduction of allowance if equity disposed of
Reduction of allowance if equity disposed of 356HA 1 The following amount is to be deducted, in accordance with section 356GD(1), in calculating the total amount of unactivated allowance attributable…
Section 356IA — Orders
Orders 356IA 1 The Treasury may by order substitute a different percentage for the percentage that is at any time specified in section 356C(2) (calculation of allowance as a percentage of capital…
Section 356JA — When capital expenditure is incurred
When capital expenditure is incurred 356JA Section 5 of CAA 2001 (when capital expenditure is incurred) applies for the purposes of this Chapter as for the purposes of that Act.
Section 356JDA — Meaning of “previously authorised oil field”
Meaning of “previously authorised oil field” 356JDA 1 In section 356JD “ previously authorised oil field ”, in relation to a cluster area, means an oil field, other than a decommissioned oil field,…
Section 356JFA — Expenditure on acquisition of asset: disqualifying conditions
Expenditure on acquisition of asset: disqualifying conditions 356JFA 1 Investment expenditure incurred by a company (“ the acquiring company ”) on the acquisition of an asset is not relievable…
Section 356JGA — Carrying forward of activated allowance
Carrying forward of activated allowance 356JGA 1 This section applies where, in the case of a company and an accounting period, the cumulative total amount of activated allowance (see section…
Section 356JHA — The closing balance of unactivated allowance for an accounting period
The closing balance of unactivated allowance for an accounting period 356JHA The closing balance of unactivated allowance held by a company for an accounting period and a cluster area is— P + Q…
Section 356JJA — Unactivated amounts attributable to a reference period
Unactivated amounts attributable to a reference period 356JJA 1 For the purposes of section 356JJ(1)(b), the total amount of unactivated allowance attributable to a reference period and a cluster…
Section 356JKA — More than one disposal on a single day
More than one disposal on a single day 356JKA 1 Subsections (2) to (4) apply where a company makes, on a single day and in relation to a single cluster area, more than one disposal falling within…
Section 356JMA — Regulations amending percentage in section 356JF(2)
Regulations amending percentage in section 356JF(2) 356JMA 1 The Treasury may by regulations substitute a different percentage for the percentage that is at any time specified in section 356JF(2)…
Section 356JNA — Licensed sub-areas
Licensed sub-areas 356JNA Where any person is entitled to a share of equity in a licensed area which relates to part only of that area— a that part is referred to in this Chapter as a “licensed…
Section 356LA — “Relevant asset”
“Relevant asset” 356LA 1 In this Part “ relevant asset ” means an asset within subsection (2) in respect of which conditions A and B are met. 2 An asset is within this subsection if it is a structure…
Section 356NA — Restriction on hire: further provision
Restriction on hire: further provision 356NA 1 The Treasury may by regulations modify the “ relevant percentage ” for the purposes of section 356N or 285A. 2 Regulations under subsection (1) may— a…
Section 356OA — Overview of Part
Overview of Part 356OA This Part contains provision about the corporation tax treatment of certain profits and gains realised from disposals concerned with land in the United Kingdom.
Section 356B — Overview
Overview 356B This Chapter sets out how relief for certain capital expenditure incurred for the purposes of onshore oil-related activities is given by way of reduction of a company's adjusted ring…
Section 356BB — The activities
The activities 356BB 1 Activities of a company in searching for oil or causing such searching to be carried out for the company. 2 Activities of a company in extracting oil, or causing oil to be…
Section 356CB — 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…
Section 356DB — Companies with both field allowances and onshore allowance
Companies with both field allowances and onshore allowance 356DB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 356EB — Carrying forward of unactivated allowance
Carrying forward of unactivated allowance 356EB 1 This section applies where X is greater than Y in the case of an accounting period of a company and a site, where— X is the closing balance of…
Section 356GB — Activation of allowance: reference periods
Activation of allowance: reference periods 356GB 1 The amount (if any) of activated allowance that a company has with respect to a site for a reference period is the smaller of the following— a the…
Section 356HB — 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…
Section 356IB — “Authorisation of development”: oil fields
“Authorisation of development”: oil fields 356IB 1 In this Chapter a reference to authorisation of development of an oil field is a reference to a national authority— a granting a licensee consent…
Section 356JB — Other definitions
Other definitions 356JB In this Chapter (except where otherwise specified)— “ adjusted ring fence profits ”, in relation to a company and an accounting period, is to be read in accordance with…
Section 356JHB — Carrying forward of unactivated allowance
Carrying forward of unactivated allowance 356JHB 1 If, in the case of an accounting period of a company and a cluster area, the amount given by subsection (2) is greater than zero, that amount is…
Section 356JJB — Carry-forward of unactivated allowance from a reference period
Carry-forward of unactivated allowance from a reference period 356JJB 1 If, in the case of a reference period (“RP1”) of a company, the amount given by subsection (2) is greater than zero, that…
Section 356JKB — Effect of transfer of allowance for transferee
Effect of transfer of allowance for transferee 356JKB 1 Where a transfer of cluster area allowance is made under section 356JK, each transferee is treated as generating in the cluster area concerned,…
Section 356JNB — Other definitions
Other definitions 356JNB In this Chapter (except where otherwise specified)— “ adjusted ring fence profits ”, in relation to a company and an accounting period, is to be read in accordance with…
Section 356LB — “Associated person”
“Associated person” 356LB 1 For the purposes of this Part each of the following is an “associated person”— a the contractor, b any person who is, or has been, connected with the contractor, c any…