Schedule 34 | Oil decommissioning expenditure: consequential amendments

ICTA

(1)In section 393A of ICTA (losses: set off against profits), in subsections (2C)(b) and (11)(a), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

CAA 2001

(2)CAA 2001 is amended as follows.

(3)In section 26 (demolition costs), in subsection (5), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(4)In section 57 (available qualifying expenditure), in the entry in subsection (2) relating to section 165(3) of CAA 2001, for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(1)Section 164 (abandonment expenditure incurred before cessation of ring fence trade) is amended as follows.

(2)In the heading, for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(3)In subsections (1), (2)(a), (3)(a), (4)(a) and (5), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(1)Section 165 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows.

(2)In the heading, for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(3)In subsection (1)(b) and (c), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(4)In subsection (3)—

(a)in paragraph (a), for “relevant abandonment cost” substitute “ relevant decommissioning cost ”, and

(b)in paragraph (b), for “abandonment expenditure” substitute “ general decommissioning expenditure ”.

(5)In subsection (4), in the definition of “the relevant abandonment cost”—

(a)for “relevant abandonment cost” substitute “ relevant decommissioning cost ”, and

(b)for “abandonment expenditure”, in each place, substitute “ general decommissioning expenditure ”.