Corporation Tax Act 2010 section 345

Introduction to sections 346 and 347

Section 345 sets out the conditions that must be met for the rules on transfers of field allowance to apply under sections 346 and 347.

• This section establishes the framework for how transfers of oil and gas field allowance are treated for corporation tax purposes.
• It introduces and links together the detailed rules contained in sections 346 and 347, which deal with the consequences of such transfers.
• Specific conditions must be satisfied before the transfer provisions in sections 346 and 347 can take effect.
• The section originated from paragraph 13 of Schedule 44 to the Finance Act 2009, with subsequent amendment by the Finance Act 2015.