Corporation Tax Act 2010 section 291A

Meaning of "tariff receipt"

Section 291A defines what constitutes a "tariff receipt" for a participator in an oil field, for the purposes of ring fence corporation tax and supplementary charge.

• A tariff receipt is consideration received by an oil field participator for allowing third parties to use its ring fence assets, or for providing related services and facilities
• A ring fence asset is a qualifying asset (excluding land, interests in land, and most buildings or structures on land) that is or has been used wholly or partly for a ring fence trade
• Certain amounts are excluded from being tariff receipts, including loan interest, amounts relating to deballasting, and amounts relating to non-oil-purpose use of an asset
• Where consideration includes both tariff and non-tariff elements, a just and reasonable apportionment must be made