Income Tax (Trading and Other Income) Act 2005 section 225O

Relief for reimbursement expenditure under abandonment guarantees

Section 225O formerly provided relief for expenditure incurred in reimbursing costs under abandonment guarantees related to oil and gas activities, but has been removed from the legislation.

• Section 225O was originally inserted into ITTOIA 2005 by the Taxation (International and Other Provisions) Act 2010.
• The section dealt with tax relief for reimbursement expenditure arising under abandonment guarantees, typically relevant to oil and gas decommissioning obligations.
• Sections 225O to 225Q were all omitted from the legislation by Finance Act 2013, Schedule 31, paragraph 6(3).
• The omission took effect from 17 July 2013, meaning these provisions no longer apply from that date onwards.