Corporation Tax Act 2010 section 356JDA

Meaning of "previously authorised oil field"

Section 356JDA defines what counts as a "previously authorised oil field" in relation to a cluster area, and explains the treatment of decommissioned oil fields for cluster area allowance purposes.

• A previously authorised oil field is one whose development was first authorised before the date the cluster area determination was published, excluding decommissioned fields
• A decommissioned oil field is one where all relevant assets had been decommissioned immediately before the cluster area determination date, and such fields remain eligible for cluster area allowance
• A relevant asset is one that has at any time been a qualifying asset under the Oil Taxation Act 1983 for any participator in the field and has been used to win oil from that field
• Certain proposed cluster area determinations made before Finance Act 2015 received Royal Assent are treated as valid determinations for the purposes of these rules