Corporation Tax Act 2010 section 335

Carrying part of pool of field allowances into following period

Section 335 sets out the rules for determining the amount of field allowances that are carried forward from one accounting period into the next.

• Where a company has a pool of field allowances for an oil field at the end of an accounting period, some or all of those allowances may be carried forward to the following period.
• The amount carried forward is reduced by any field allowances that have been activated (i.e. used) during the current period.
• This mechanism ensures that only the unused portion of a company's field allowances remains available for future periods.
• The carry-forward rules apply on a period-by-period basis, maintaining a running balance of available field allowances for each relevant oil field.