Section 332DC | Restriction relating to fields qualifying for onshore allowance

(1)This section applies to investment expenditure which is incurred—

(a)for the purposes of onshore oil-related activities in respect of an oil field which is a qualifying site within the meaning of section 356C (generation of onshore allowance), and

(b)on a day at the beginning of which neither of the disqualifying conditions in section 356CA (disqualifying conditions for section 356C(4)(b)) is met.

(2)Expenditure to which this section applies is not relievable expenditure for the purposes of section 332C.

(3)In this section “onshore oil-related activities” has the same meaning as in Chapter 8 (see section 356BA).