Corporation Tax Act 2010 section 356L

"Oil contractor activities" etc.

Section 356L defines key terms used throughout Part 8ZA of the Act, including "oil contractor activities", "relevant offshore service", "exploration or exploitation activities", and "relevant offshore area".

• Oil contractor activities are operations carried on by a contractor that fall outside the existing oil ring fence but involve providing, operating or using a relevant asset in connection with offshore exploration or exploitation
• A relevant offshore service arises where the contractor provides, operates or uses a relevant asset in connection with exploration or exploitation activities carried on by itself or an associated person in a relevant offshore area
• Exploration or exploitation activities are those connected with exploring or exploiting the seabed, subsoil and their natural resources
• The relevant offshore area covers the UK territorial sea and areas designated under the Continental Shelf Act 1964