Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 7: Reduction of supplementary charge for certain new oil fields
Section 342: Introduction to sections 343 and 344

1092.This section deals with the situation where a company’s equity share in a new oil field changes during the accounting period and provides four conditions which need to be met for sections 343 and 344 to apply. It is based on paragraph 10 of Schedule 44 to FA 2009.