Commentary

D7.916 Taxable income—deduction of petroleum taxes

Corporate tax
Corporate tax | Commentary

D7.916 Taxable income—deduction of petroleum taxes

Corporate tax | Commentary

D7.916 Taxable income—deduction of petroleum taxes

Where a participator1 in an oil field2 has paid any petroleum revenue tax3 in respect of a chargeable period4 the amount of the petroleum revenue tax is deductible when computing, for corporation tax, the amount of income in the accounting period in or at the end of which the chargeable period ends. If the chargeable period ends after the last accounting period during which the company carried on its oil extraction trade, that trade having ceased, the corporation tax deduction is to be made in that last accounting period5.

If some or all of any

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