Corporation Tax Act 2010 section 338

Holding a field allowance on acquisition of equity share

Section 338 directs the reader to the rules in section 347(2) that deal with how a company can acquire a field allowance when it obtains an equity share in a ring-fence oil and gas field.

• This section acts as a signpost rather than containing substantive rules itself.
• It directs the reader to section 347(2), which sets out how a field allowance may be acquired.
• The acquisition of a field allowance is linked to obtaining an equity share in a qualifying oil and gas field.
• The underlying rules originated in Schedule 44 to the Finance Act 2009 and were later amended by the Finance Act 2015.