OT21505 | Corporation tax ring fence: onshore allowance - onshore oil-related activities

CTA2010\S356BA and S356BB

Onshore oil-related activities covers all oil related activities included at CTA2010\S274 and, if said activities amount to a trade, can be regarded for all practical purposes as an onshore ring fence trade.

Onshore activities are essentially those carried out under a landward licence under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act 1934 or under a licence under the Petroleum (Production) Act (Northern Ireland) 1964.