Oil Taxation Act 1983 section 3, Schedule 1 paragraph 4

Definitions used in Part I of Schedule 1

Schedule 1, paragraph 4 defines the key terms used throughout Part I of Schedule 1, which deals with the rules governing relief for expenditure on long-term assets.

• Allowable expenditure is expenditure that qualifies for relief under section 3(4), subject to the conditions set out in Part I of Schedule 1.
• The new asset is the asset that was acquired, created, or improved as a result of the allowable expenditure, as described in section 3(1).
• The purchaser is the person who incurred the allowable expenditure, as referred to in section 3(1).
• The relevant claim period, in relation to any allowable expenditure, has the meaning given by section 3(5) for the purposes of section 3(1).