Corporation Tax Act 2010 section 274

"Oil-related activities"

Section 274 defines the term "oil-related activities" as used throughout this Part of the Act, which is a key concept underpinning the ring fence trade rules for corporation tax.

• Oil-related activities comprise two categories: oil extraction activities and activities involving oil rights.
• Oil extraction activities cover the physical processes of extracting oil.
• Activities involving oil rights include acquiring, enjoying or exploiting those rights.
• This definition feeds directly into the concept of a "ring fence trade" and the rule that treats ring fence activities as a separate trade for corporation tax purposes.