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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Basic definitions

  • Section 225A Meaning of “oil extraction activities”
  • Section 225B Meaning of “oil rights”
  • Section 225C Meaning of “ring fence income”
  • Section 225D Meaning of “ring fence trade”
  • Section 225E Other definitions
  1. Basic definitions
  2. Other definitions

Section 225E | Other definitions

From legislation.gov.uk

In this Chapter—

“chargeable period” has the same meaning as in Part 1 of OTA 1975 (see section 1(3) of that Act),

“designated area” means an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964,

“oil” means any substance won or capable of being won under the authority of a licence granted under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964 (c. 28 (N.I.)), other than methane gas won in the course of operations for making and keeping mines safe,

“oil field” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act),

“OTA 1975” means the Oil Taxation Act 1975, and

“participator” has the same meaning as in Part 1 of OTA 1975 (see section 12(1) of that Act).

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