OT21003 | Corporation Tax Ring Fence: Definition of Oil Extraction Activities

CTA10\S272

Oil extraction activities are defined by CTA10\S272 as any activities of a company

• in searching for oil in the United Kingdom or a designated area or causing such searching to be carried out for it

• in extracting, or causing to be extracted for it, oil at any place in the United Kingdom or a designated area under rights which—

• authorise the extraction, and

• are held by it or by a company associated with it.

• in transporting, or causing to be transported for it, oil extracted at any such place not on dry land under rights which—

• authorise the extraction, and

• are held by it or by a company associated with it.

if the transportation meets the conditions that

• the transportation is to the place where the oil is first landed in the United Kingdom

• is to the place in the United Kingdom, or

• in the case of oil first landed in another country, is to the place in that or any other country (other than the United Kingdom),

• Activities of a company in effecting, or causing to be effected for it, the initial treatment or initial storage of oil won from any oil field under rights which—

• authorise its extraction, and

• are held by it or by a company associated with it.

1. Where initial storage and initial treatment have the same meaning as in OTA75\S12(1).