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HMRC internal manual

Oil Taxation Manual

HM Revenue & Customs
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Corporation Tax Ring Fence: Seismic Survey Data

Oil extraction activities are defined by CTA10\S272 in terms of “searching for oil in the United Kingdom or a designated area”. This means searching for oil in the context of searching with a view to evacuation. It does not, for example, include acquiring and marketing seismic survey data for the oil industry.