Section 356F | Transfer of allowances between sites ^F1

(1)This section applies if a company has, with respect to a site, an amount (“N”) of onshore allowance available to carry forward to an accounting period—^F1

(a)under section 356EB(2), or^F1

(b)by virtue of section 356GC(3).^F1

(2)The company may elect to transfer the whole or part of that amount to another site (“site B”), if the appropriate conditions are met.^F1

(3)The appropriate conditions are that—^F1

(a)every part of site B is, or is part of, an area in which the company is a licensee, and^F1

(b)the election is made no earlier than the beginning of the third accounting period of the company after that in which the allowance was generated.^F1

(4)For the purposes of subsection (3)(b), a company may regard an amount of onshore allowance held by it for a site as generated in a particular accounting period if the amount does not exceed—^F1

(5)An election must specify—^F1

(a)the amount of onshore allowance to be transferred;^F1

(b)the site at which it was generated;^F1

(c)the site to which it is transferred;^F1

(d)the accounting period in which it was generated.^F1

(6)Where a company makes an election under subsection (2), then—^F1

(a)if the company elects to transfer the whole of N, no amount is available to be carried forward under section 356EB(2) or (as the case may be) by virtue of section 356GC(3);^F1

(b)if the company elects to transfer only part of N, the amount available to be carried forward as mentioned in subsection (1) is reduced by the amount transferred.^F1

(7)Where an amount of onshore allowance is transferred to a site as a result of an election, this Chapter has effect as if the allowance is generated at that site at the beginning of the accounting period in which the election is made.^F1