Corporation Tax Act 2010 section 332G

Reference periods

Section 332G defines how an accounting period is split into "reference periods" when a company's share of equity in a qualifying oil field changes during that accounting period.

• Where a company is a licensee in a qualifying oil field and its equity share changes during an accounting period, the period must be divided into consecutive "reference periods".
• A reference period always begins on the first day of the accounting period and ends on the last day of that accounting period.
• Each time the company acquires or disposes of a share of equity in the oil field during the accounting period (other than on the first day), a new reference period begins on that date.
• Each reference period is linked to the qualifying oil field in question.