Section 296 | Introduction to section 297

(1)Section 297 applies if—

(a)paragraph 2A of Schedule 5 to OTA 1975 applies, ..., and

(b)the default payment falls (in whole or part) to be attributed to the contributing participator under paragraph 2A(2) of that Schedule , or would fall to be so attributed if a claim under paragraph 2A(2) of that Schedule were made .

(1A)The condition in subsection (1)(b) is to be treated as met for the purposes of this section if it would be met but for the fact that the contributing participator is (or was) a participator in an oil field that is a non-taxable oil field within the meaning of Part 3 of FA 1993 (see section 185 of that Act).

(2)In section 297 “the additional abandonment expenditure” means the amount which is or would be attributed to the contributing participator as mentioned in subsection (1)(b) (whether representing the whole or only part of the default payment).

(3)In this Chapter “default payment”, “the defaulter” and “contributing participator” have the same meaning as in paragraph 2A of Schedule 5 to OTA 1975.