Corporation Tax Act 2010 section 352

Qualifying oil field

Section 352 defines what constitutes a "qualifying oil field" for the purposes of the oil activities tax provisions in this Chapter.

• A "qualifying oil field" is a specific term used within the corporation tax rules governing oil extraction activities.
• The definition determines which oil fields fall within the scope of the special tax provisions contained in this Chapter.
• The original definition was based on paragraph 20 of Schedule 44 to the Finance Act 2009.
• The definition was subsequently amended by the Finance Act 2015, Schedule 12, paragraph 3.