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Oil Taxation Act 1983 section 7
Reduction of allowable expenditure where a new asset was used outside taxable fields before its first use in the relevant oil field
Section 7 deals with the reduction of allowable expenditure on a new asset where, during the period between its acquisition and its first use in a non-exempt oil field, it was used either outside taxable fields or in a way that generated tax-exempt tariffing receipts.
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