Corporation Tax Act 2010 section 353

"Small oil field"

Section 353 provides the definition of a "small oil field" for the purposes of the ring fence corporation tax rules in this Chapter.

• A "small oil field" is defined by reference to its expected cumulative production of oil over the life of the field.
• The definition sets a threshold of recoverable reserves below which an oil field qualifies as "small".
• This classification is relevant because small oil fields may benefit from specific tax reliefs or allowances within the ring fence tax regime.
• The definition originally derives from paragraph 21 of Schedule 44 to the Finance Act 2009 and was amended by the Finance Act 2015.