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Finance Act 2009
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Finance Act 2009,
Part 3
is up to date with all changes known to be in force on or before 18 May 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.
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Part 3 U.K.Field allowance: when held and unactivated amount
Initial licensee to hold a field allowanceU.K.
5(1)A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the authorisation day.U.K.
(2)The amount of the field allowance which the licensee is to hold at that time is—
where—
T is the amount of the total field allowance for the field (see paragraph 24), and
S is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.
Holding a field allowance on acquisition of equity shareU.K.
6U.K.For provision about holding a field allowance by virtue of the acquisition of a share of the equity in a new oil field, see paragraph 15(2).
Unactivated amount of a field allowanceU.K.
7(1)This paragraph applies if a company holds a field allowance for a new oil field by virtue of paragraph 5 or 15(2).U.K.
(2)The unactivated amount of that allowance at a particular time (“the relevant time”) is—
where—
R is the amount of the field allowance which the company held before the relevant time by virtue of paragraph 5 or 15(2),
E is the total amount of the field allowance received before the relevant time by virtue of paragraph 15(1) (company already holding field allowance acquires equity share),
A is the total amount of the field allowance activated in respect of—
(a) accounting periods ending before the relevant time, or
(b) reference periods ending before the relevant time, and
D is the total amount of reductions in the field allowance made before the relevant time by virtue of paragraph 14 (company disposes of equity share).
(3)A company ceases to hold a field allowance for a new oil field if the unactivated amount of that allowance falls to nil.
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