Corporation Tax Act 2010 section 332KA

Other definitions

Section 332KA provides a glossary of key definitions used throughout the investment allowance chapter of the ring fence corporation tax provisions for oil and gas companies.

• The section defines six key terms used in the investment allowance chapter, including "adjusted ring fence profits", "investment allowance", and "cumulative total amount of activated allowance".
• "Licence" and "licensee" take their meanings from the Oil Taxation Act 1975, linking the investment allowance rules to the established oil licensing regime.
• "Relevant income" relates specifically to a qualifying oil field in a given accounting period and is central to how the investment allowance is activated against field income.
• These definitions apply throughout the chapter unless a specific provision states otherwise.