Corporation Tax Act 2010 section 351

Authorisation of development of an oil field

Section 351 defines what "authorisation of development of an oil field" means for the purposes of the rules in this chapter relating to oil activities.

• This section provides a specific definition of the term "authorisation of development of an oil field" used throughout this chapter.
• The definition is relevant to determining when certain tax consequences are triggered in relation to oil field development activities.
• It establishes the formal point at which an oil field is considered to have received development authorisation for corporation tax purposes.
• The definition was originally based on paragraph 19 of Schedule 44 to the Finance Act 2009 and was subsequently amended by Schedule 12 of the Finance Act 2015.