Corporation Tax Act 2010 section 356BC

"Site"

Section 356BC defines the term "site" as used throughout the chapter on ring fence trades, distinguishing between standalone drilling and extraction sites and oil fields.

• The definition of "site" applies throughout the chapter, except where the full phrase "drilling and extraction site" is used.
• A "site" can be a drilling and extraction site that is not connected to any oil field.
• A "site" can also be an oil field, whether or not any drilling and extraction sites are used in connection with it.
• This distinction is important for determining how profits and allowances are allocated under the ring fence corporation tax rules.