Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 6

Oil activities – consequential amendments

Schedule 8 Part 6 (paragraphs 175–193) makes consequential amendments to various earlier tax Acts, updating cross-references and repealing superseded provisions relating to oil activities, so that the law correctly points to the new rewritten provisions in Chapter 16A of Part 2 of ITTOIA 2005.

• Cross-references in the Finance Acts 1980, 1982, and 1999 to the old "Chapter V of Part XII of ICTA 1988" are replaced with references to the new Chapter 16A of Part 2 of ITTOIA 2005, which now contains the rewritten oil activities rules.
• Several provisions in ICTA 1988 are repealed outright — specifically parts of sections 493, 495, 496, and 502 — because their content has been rewritten and relocated into Chapter 16A of ITTOIA 2005.
• Sections 62 to 65 of the Finance Act 1991, dealing with abandonment guarantees and abandonment expenditure, are also repealed, as these rules have likewise been rewritten in the new Chapter 16A provisions.
• ITTOIA 2005 itself and ITA 2007 are updated: section 16 of ITTOIA 2005 now refers to the new definition sections (225A and 225B), a comprehensive index of defined expressions for Chapter 16A is inserted into Schedule 4 of ITTOIA 2005, and section 80 of ITA 2007 (ring fence income) is amended to refer to the new provisions rather than the old ICTA 1988 chapter.

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