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Taxation (International and Other Provisions) Act 2010 Schedule 1
Oil activities: new Chapter 16A of Part 2 of ITTOIA 2005
Schedule 1 inserts a new Chapter 16A into the Income Tax (Trading and Other Income) Act 2005, establishing special income tax rules for oil extraction and related activities, including definitions, oil valuation rules, regional development grant adjustments, tariff receipts, abandonment guarantees, and the treatment of advance petroleum revenue tax repayment interest.
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