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HMRC internal manual

Oil Taxation Manual

Field allowance: changes to the legislation may be made by regulation

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.

**  This guidance is superseded by the introduction of the Investment Allowance legislation in Finance Act 2015. This applies to investment expenditure incurred on or after 1 April 2015.  The relevant legislation is in Part 8 Chapter 6A of CTA 2010.  Transitional rules are at paragraphs 7 and 8 of Part 2 Schedule 12 Finance Act 2015.  Full updated guidance will be provided shortly.  **