OT21545 | Corporation tax ring fence: onshore allowance - definitions

For the purposes of Chapter 8 and except where otherwise specified:

• adjusted ring fence profits, in relation to a company and an accounting period, means the adjusted ring fence profits that would be taken into account in calculating the supplementary charge on the company under S330(1) for the accounting period if this Chapter were ignored;

• consent for development, in relation to a licensed area, does not include consent which is limited to the purpose of testing the characteristics of an oil-bearing area;

• cumulative total amount of activated allowance has the meaning given by S356D(2);

• development, in relation to a licensed area, means winning oil from the licensed area otherwise than in the course of searching for oil or drilling wells;

• licence has the same meaning as in Part 1 of OTA 1975 (see section 12(1);

• licensed area has the same meaning as in Part 1 of OTA 1975;

• licensee has the same meaning as in Part 1 of OTA 1975;

• national authority means—

  • the Secretary of State, or

  • a Northern Ireland Department

• onshore allowance has the meaning given by S356C(5);

• relevant income, in relation to an onshore site and an accounting period, has the meaning given by S356E(3);

• site has the meaning given by S356BC.