38 Petroleum revenue tax: post-transfer decommissioning expenditure
Finance Act 2019 (2019 c 1) | Legislation

38  Petroleum revenue tax: post-transfer decommissioning expenditure

(1)     Schedule 3 to OTA 1975 (petroleum revenue tax: miscellaneous provisions) is amended in accordance with this section.

(2)     After paragraph 11 insert—

“Transfers of interests in oil fields: post-transfer decommissioning expenditure

11A

(1)     This paragraph applies if—

(a)     there is, for the purposes of Schedule 17 to FA 1980, a transfer by a participator in an oil field of the whole or part of an interest in the field, and

(b)     on or after 1 November 2018, the OGA gives consent for the transfer.

(2)     Paragraph 8(1) (certain subsidised expenditure to

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