Corporation Tax Act 2010 section 332BA

Meaning of "investment expenditure"

Section 332BA defines what counts as "investment expenditure" for the purposes of the oil and gas ring fence provisions, covering both capital expenditure and any additional categories that the Treasury may prescribe by regulation.

• Investment expenditure primarily means capital expenditure incurred by a company.
• The Treasury may make regulations prescribing other types of expenditure as investment expenditure, and these regulations can apply retrospectively to expenditure already incurred.
• Retrospective effect is not permitted where regulations are amended or revoked in a way that removes a category of expenditure from the definition of investment expenditure.
• Treasury regulations may make different provision for different purposes and may include transitional provisions and savings.