Corporation Tax Act 2010 section 350

"New oil field"

Section 350 defines what counts as a "new oil field" for the purposes of the ring fence provisions in this Chapter.

• This section establishes the definition of a "new oil field" used throughout this Chapter of the Corporation Tax Act 2010.
• The definition is relevant to determining which oil fields qualify for particular tax treatments under the ring fence corporation tax rules.
• The original provision was based on paragraph 18 of Schedule 44 to the Finance Act 2009.
• The section was subsequently amended by the Finance Act 2015, Schedule 12, paragraph 3.