Part 5 TTH Activation
Finance Act 2019 (2019 c 1) | Legislation

Part 5 TTH Activation

TTH activation event

30

(1)     A TTH activation event occurs in relation to the TTH asset if—

(a)     the winning of oil from the TTH oil field has permanently ceased, and

(b)     at the end of a post-acquisition accounting period of the purchaser, the total decommissioning expenditure amount exceeds the total net profits amount.

(2)     The “total decommissioning expenditure amount” is the relevant proportion of the total of the decommissioning expenditure amounts (see paragraph 31) attributable to the TTH oil field, in respect of which an allowance or allocation is made to the purchaser, for—

(a)     the period mentioned in sub-paragraph (1)(b), and

(b)     each preceding accounting period which is a post-acquisition accounting period.

(3)     The “total net profits amount” is the aggregate of the tracked profit

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