Search Legislation

Finance Act 2009

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: SCHEDULE 42

 Help about opening options

Alternative versions:

Changes to legislation:

Finance Act 2009, SCHEDULE 42 is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Section 88

SCHEDULE 42U.K.PRT: former licensees and former oil fields

This schedule has no associated Explanatory Notes

Part 1U.K.Persons who cease to be licensees because of cessation events

1U.K.OTA 1975 is amended as follows.

2(1)Section 12 (interpretation of Part 1) is amended as follows.U.K.

(2)In subsection (1), in the definition of “participator”—

(a)for “any”, in the first place, substitute “ a ”,

(b)after paragraph (a) insert—

(aa)a person who is no longer a licensee in respect of any licensed area wholly or partly included in the field, but who—

(i)was such a licensee at any time in any chargeable period preceding the relevant chargeable period, and

(ii)ceased to be such a licensee because of a cessation event; and,

(c)in paragraph (b), after “field” insert “ (and who does not fall within paragraph (aa) of this definition) ”,

(d)in paragraph (c), after “paragraph” insert “ (aa) or ”, and

(e)omit the words after paragraph (g).

(3)After that subsection insert—

(1A)In the definition of “participator” in subsection (1)—

(a)cessation event”, in relation to an oil field to which a licence relates, means any of the following—

(i)determination of the licence by the licensee,

(ii)revocation of the licence by the Secretary of State or a Northern Ireland Department,

(iii)expiry of the licence at the end of its term,

(iv)the licensed area ceasing to include any relevant area whatsoever, by reason of the licensee surrendering the licence so far as it relates to the whole of the relevant area, and

(v)the licence ceasing to apply to the oil field by reason of the operation of the licence;

and for the purposes of sub-paragraph (iv) “relevant area” means an area which is, or combination of areas each of which is, included in the oil field (whether or not such an area falls partly outside the oil field);

(b)current participator”, “former participator” and “default payment” have the same meanings as in paragraph 2A of Schedule 5.

3U.K.In Schedule 5 (allowance of expenditure other than abortive exploration expenditure), in paragraph 2C(2)—

(a)in the definition of “current participator”, after “paragraph (a),” insert “ (aa), ”, and

(b)in paragraph (b) of the definition of “former participator”, after “paragraph (a),” insert “ (aa), ”.

4U.K.The amendments made by this Part have effect in relation to persons who cease to be licensees because of cessation events occurring in chargeable periods that begin after 30 June 2009.

Part 2U.K.Areas treated as continuing to be oil fields

5U.K.OTA 1975 is amended as follows.

6U.K.In section 12(1) (interpretation of Part 1), in the definition of “oil field”, after “this Act” insert “ (which also includes provision about areas that are to be treated as continuing to be oil fields) ”.

7(1)Schedule 1 (determination of oil fields) is amended as follows.U.K.

(2)Before paragraph 1 insert— “ Areas that are oil fields ”

(3)After paragraph 5 insert—

Areas treated as continuing to be oil fieldsU.K.

6(1)This paragraph applies if an area has ceased to be—

(a)an oil field within the meaning of paragraph 1(1), or

(b)part of such an oil field.

(2)The area is to be treated as continuing to be—

(a)the oil field, or

(b)the part of the oil field,

that it actually was.

(3)Accordingly, whilst the area is treated in accordance with sub-paragraph (2), any reference to an oil field is to include a reference to the area.

(4)Sub-paragraph (2) ceases to apply to the area—

(a)in accordance with sub-paragraph (5), and

(b)if or to the extent that it has not ceased to apply in accordance with sub-paragraph (5), in accordance with sub-paragraph (6).

(5)Sub-paragraph (2) ceases to apply to the area if, or to the extent that, it again becomes—

(a)an oil field within the meaning of paragraph 1(1), or

(b)part of such an oil field.

(6)Sub-paragraph (2) ceases to apply to the area at the end of the second chargeable period that falls after the chargeable period in which the area is decommissioned.

7(1)A relevant area is decommissioned for the purposes of paragraph 6 if all qualifying assets of the relevant area are decommissioned.

(2)If, and to the extent that, a UK offshore decommissioning regime applies to qualifying assets of the relevant area, those assets are decommissioned if—

(a)the Secretary of State has approved one or more abandonment programmes under the regime in relation to those assets, and

(b)those programmes have been carried out to the satisfaction of the Secretary of State.

(3)If, and to the extent that, a UK offshore decommissioning regime does not apply to qualifying assets of the relevant area, those assets are decommissioned if the Board are satisfied that they have been decommissioned.

(4)For the purposes of sub-paragraph (3) the Board must have regard to any obligations to decommission the qualifying assets which arise under the law applicable to the relevant area (whether the law of any part of the United Kingdom or of any other state or territory), including any obligations imposed by an authority having functions under that law in respect of such decommissioning.

(5)If sub-paragraph (3) applies (to any extent) to any qualifying assets, the Board must give the responsible person notice of any decision the Board make under that sub-paragraph.

(6)The responsible person may appeal against such a decision by notice in writing given to the Board within three months of the responsible person receiving the notice under sub-paragraph (5).

(7)An appeal under sub-paragraph (6) may, before it is notified to the tribunal, be abandoned by notice in writing given to the Board by the responsible person.

(8)The provisions of paragraphs 14A to 14I of Schedule 2 apply to appeals under sub-paragraph (6) subject to any necessary modifications.

(9)In this paragraph—

  • qualifying assets” means assets that are qualifying assets within the meaning of OTA 1983;

  • relevant area” means an area that is treated as being an oil field, or part of an oil field, under paragraph 6;

  • UK offshore decommissioning regime” means—

    (a)

    Part 4 of the Petroleum Act 1998, and

    (b)

    Part 1 of the Petroleum Act 1987.

8U.K.The amendments made by this Part have effect in relation to areas that cease to be oil fields, or parts of oil fields, in chargeable periods that begin after 30 June 2009.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources