Part 6Oil
84Capital allowances for oil decommissioning expenditure
Schedule 38 contains provision about capital allowances for oil decommissioning expenditure.
85Blended oil
Schedule 39 contains provision about the treatment of blended oil for the purposes of petroleum revenue tax.
86Chargeable gains
Schedule 40 contains provision about chargeable gains in oil trades.
87Oil assets put to other uses
Schedule 41 contains provision about oil production assets put to certain other uses.
88Former licensees and former oil fields
Schedule 42 contains provision about the treatment of certain former licensees and former oil fields for the purposes of petroleum revenue tax.
89Abolition of provisional expenditure allowance
Schedule 43 contains provision abolishing provisional expenditure allowance.
90Supplementary charge: reduction for certain new oil fields
(1)Schedule 44 contains provision for the reduction of the supplementary charge under section 501A of ICTA on companies that are, or have been, licensees in new oil fields.
(2)In section 501A of ICTA, after subsection (11) insert—
“(12)This section is subject to Schedule 44 to the Finance Act 2009.”
(3)This section and Schedule 44 have effect in relation to accounting periods ending on or after 22 April 2009.
91Miscellaneous amendments
Schedule 45 contains miscellaneous amendments relating to oil taxation.