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Oil Taxation Act 1983 section Schedule 1 paragraph 8
Reduction of allowable expenditure when a new asset ceases to be used for a qualifying purpose
Schedule 1 paragraph 8 deals with how allowable expenditure on a replacement asset is reduced if the asset ceases to be used for a qualifying purpose in the UK oil industry, and the circumstances in which previously claimed expenditure is clawed back as deemed disposal receipts.
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