Corporation Tax Act 2010 section 356IA

Orders

Section 356IA gives the Treasury power to amend, by order, certain key figures used in calculating the onshore allowance under the supplementary charge regime for oil activities.

• The Treasury may change the percentage used to calculate the onshore allowance as a proportion of qualifying capital expenditure (currently set out in section 356C(2)).
• The Treasury may also amend the production cap (or estimated production cap) at a site that determines eligibility for the onshore allowance (as set out in section 356CA(1) or (2)).
• Any such order may include transitional provisions to manage the shift from old figures to new.
• These powers allow the government to adjust the onshore allowance regime without requiring primary legislation.