Corporation Tax Act 2010 section 332B

Meaning of "qualifying oil field"

Section 332B defines the term "qualifying oil field" for the purposes of the ring fence provisions in this chapter.

• A "qualifying oil field" is an oil field that falls entirely outside any designated cluster area.
• If an oil field is wholly or even partly located within a cluster area, it does not qualify as a "qualifying oil field".
• The definition of "cluster area" is set out separately in section 356JD of the same Act.
• This definition was introduced by Finance Act 2015 and is relevant to the corporation tax treatment of oil and gas activities.