Corporation Tax Act 2010 section 332JA

Regulations amending specified percentages

Section 332JA gives HM Treasury the power to change, by regulation, certain key percentages used in calculating the supplementary charge investment allowance for oil and gas activities.

• HM Treasury may substitute a different percentage for any of the specified percentages currently set out in sections 332C(2), 332DA(4), or 332DB(4).
• The percentages that can be changed relate to the calculation of investment allowance as a proportion of investment expenditure (section 332C), the relevant field threshold for former new fields (section 332DA), and the relevant project threshold for former additionally-developed fields (section 332DB).
• Any such changes are made by way of statutory regulations rather than requiring primary legislation.
• The regulations may include transitional provisions to manage the shift from one percentage to another.