Corporation Tax Act 2010 section 356JB

Other definitions

Section 356JB provides a glossary of key definitions used throughout the onshore allowance provisions of the supplementary charge rules for oil activities.

• Adjusted ring fence profits, cumulative total amount of activated allowance, onshore allowance, relevant income and site are all terms defined by cross-reference to other sections within the onshore allowance chapter.
• Licence, licensed area and licensee take their meanings from Part 1 of the Oil Taxation Act 1975, linking these provisions to the broader UK petroleum licensing regime.
• These definitions apply throughout the chapter unless a specific provision states otherwise.
• The definitions were introduced by Finance Act 2014 and amended by Finance Act 2015 to support the supplementary charge onshore allowance framework.