Corporation Tax Act 2010 section 356

Total field allowance for a new oil field

Section 356 defines the "total field allowance" for a new oil field, which is a key concept used throughout the ring fence provisions of the Corporation Tax Act 2010.

• The total field allowance is a defined monetary amount assigned to each qualifying new oil field.
• This allowance is central to the calculation of relief available under the ring fence tax regime for oil and gas activities.
• The provision originates from paragraph 24 of Schedule 44 to the Finance Act 2009 and was subsequently amended by Finance Act 2015.
• The allowance applies specifically to fields classified as "new oil fields" for the purposes of the relevant chapter of the Act.