Taxation (International and Other Provisions) Act 2010 section 364

Oil activities

Section 364 introduces Schedule 1 to the Act, which creates a new set of rules (Chapter 16A) within the trading income provisions of the Income Tax (Trading and Other Income) Act 2005, dealing specifically with oil activities.

• This section serves as the gateway provision that brings Schedule 1 of the Act into effect
• Schedule 1 inserts a new Chapter 16A into Part 2 (trading income) of the Income Tax (Trading and Other Income) Act 2005
• The new Chapter 16A provides specific income tax rules for oil activities carried on by individuals and other non-corporate taxpayers
• The substantive detail of the oil activities rules is contained entirely within Schedule 1, rather than in this section itself