Corporation Tax Act 2010 section 355

Ultra high pressure/high temperature oil field

Section 355 defines what constitutes an "ultra high pressure/high temperature oil field" for the purposes of the ring fence provisions in this chapter.

• This section provides a specific technical definition used to identify oil fields operating under extreme subsurface conditions of pressure and temperature.
• The definition is relevant because ultra high pressure/high temperature oil fields may qualify for different tax treatment under the ring fence corporation tax rules.
• The original basis for this definition was paragraph 23 of Schedule 44 to the Finance Act 2009, which was rewritten into the Corporation Tax Act 2010.
• The section was subsequently amended by Finance Act 2015, Schedule 12, paragraph 3, reflecting updates to the legislative framework for these specialised oil fields.