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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

163Meaning of “abandonment expenditure”
This section has no associated Explanatory Notes

(1)In sections 164 and 165 “abandonment expenditure” means expenditure which meets the requirements in subsections (2) to (4).

(2)The expenditure must have been incurred—

(a)for the purposes of, or in connection with, the closing down of an oil field or of any part of an oil field, and

(b)on the demolition of plant or machinery—

(i)which has been brought into use for the purposes of a ring fence trade, and

(ii)which is, or forms part of, an offshore installation or a submarine pipeline.

(3)The demolition of the plant or machinery must be carried out, wholly or substantially, to comply with—

(a)an abandonment programme, or

(b)any condition to which the approval of an abandonment programme is subject.

(4)The plant or machinery must not be replaced.

(5)In this section—

(a)“oil field” has the same meaning as in Part I of OTA 1975, and

(b)“abandonment programme”, “offshore installation” and “submarine pipeline” have the same meaning as in Part IV of the Petroleum Act 1998 (c. 17).

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