OT21003 - Corporation Tax Ring Fence: Definition of Oil Extraction Activities
CTA10\S272
Oil extraction activities are defined by CTA10\S272 as any activities of a company
- in searching for oil in the United Kingdom or a designated area or causing such searching to be carried out for it
- in extracting, or causing to be extracted for it, oil at any place in the United Kingdom or a designated area under rights which—
- authorise the extraction, and
- are held by it or by a company associated with it.
- in transporting, or causing to be transported for it, oil extracted at any such place not on dry land under rights which—
- authorise the extraction, and
- are held by it or by a company associated with it.
if the transportation meets the conditions that
- the transportation is to the place where the oil is first landed in the United Kingdom
- is to the place in the United Kingdom, or
- in the case of oil first landed in another country, is to the place in that or any other country (other than the United Kingdom),
- Activities of a company in effecting, or causing to be effected for it, the initial treatment or initial storage of oil won from any oil field under rights which—
- authorise its extraction, and
- are held by it or by a company associated with it.
- Where initial storage and initial treatment have the same meaning as in OTA75\S12(1).