SCHEDULES
SCHEDULE 22Reduction of supplementary charge for certain oil fields
16Amendments of Chapter 7 of Part 8 of CTA 2010
1
Section 357 (other definitions) is amended as follows.
2
For the definition of “authorisation day” substitute—
“authorisation day” means—
- a
in relation to an additionally-developed oil field, the day when the project mentioned in section 349A(1) is authorised, and
- b
in relation to a new oil field, the day when development of the field is authorised as mentioned in section 350(1)(b),
3
After that definition insert—
“eligible oil field” means an oil field which is an additionally-developed oil field or a new oil field,
4
Omit the definition of “initial licensee”.
5
In the definition of “relevant income”, for “a new oil field” substitute “an eligible oil field”.