OT21450 - Field allowance: changes to the legislation may be made by regulation
[Field Allowance was superseded by Investment Allowance which was introduced by Fiance Act 2015 and applies to expenditure incurred on or after 1 April 2015. See OT21550 for guidance on Investment Allowance.]
From the introduction of the field allowance on 22 April 2009 until 16 July 2012 HMRC could effect changes to the field allowance regime by way of order concerning
- the definition of a qualifying oil field
- the amount of the total field allowance available for any type of new oil field.
From 17 July 2012 HMRC may by order make provision about
- the oil fields that are additionally-developed oil fields or qualifying oil fields
- the amount of the total field allowance for any description of eligible oil field
- the meaning of any term in the field allowance legislation.
The provision that may be made by such an order under CTA2010\S349 is of broad scope.