Corporation Tax Act 2010 section 354

"Ultra heavy oil field"

Section 354 provides the definition of an "ultra heavy oil field" for the purposes of the ring fence provisions in this Chapter.

• An ultra heavy oil field is a specific category of oil field defined for corporation tax ring fence purposes.
• The definition is relevant to how profits from such fields are treated under the ring fence tax rules.
• The classification of a field as an ultra heavy oil field may affect the rate of tax or allowances available to companies operating in that field.
• The definition originates from paragraph 22 of Schedule 44 to the Finance Act 2009, and was subsequently amended by the Finance Act 2015.