OT21450 | Field allowance: changes to the legislation may be made by regulation

[Field Allowance was superseded by Investment Allowance which was introduced by Fiance Act 2015 and applies to expenditure incurred on or after 1 April 2015. See OT21550 for guidance on Investment Allowance.]

From the introduction of the field allowance on 22 April 2009 until 16 July 2012 HMRC could effect changes to the field allowance regime by way of order concerning

• the definition of a qualifying oil field

• the amount of the total field allowance available for any type of new oil field.

From 17 July 2012 HMRC may by order make provision about

• the oil fields that are additionally-developed oil fields or qualifying oil fields

• the amount of the total field allowance for any description of eligible oil field

• the meaning of any term in the field allowance legislation.

The provision that may be made by such an order under CTA2010\S349 is of broad scope.