Commentary

D7.927 Default—expenditure incurred on or after 17 July 2013

Corporate tax
Corporate tax | Commentary

D7.927 Default—expenditure incurred on or after 17 July 2013

Corporate tax | Commentary

D7.927 Default—expenditure incurred on or after 17 July 2013

The following provisions apply in respect to expenditure incurred on or after 17 July 2013 where a person has defaulted on his share of relevant decommissioning costs. These provisions were introduced by Finance Act 2013 as part of a package of measures designed to provide greater certainty in respect of decommissioning tax relief.

Defaulter's costs met by co-participator

Where a participator has defaulted in respect of his share of the costs of abandoning an oil field and (for expenditure incurred on or after 17 July 2013) the expenditure is not met out

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial