Corporation tax ring fence: onshore allowance - transfer of allowance between sites
A company holding an amount of unactivated allowances in respect of a site (site A) may elect to transfer the whole or part of that amount to another site (site B), if the appropriate conditions are met:
- Every part of site B is, or is part of, an area in which the company is a licensee, and
- The election is made no earlier than the beginning of the third accounting period of the company after that in which the allowance was generated.
The election must specify:
- the amount of onshore allowance to be transferred;
- the site at which it was generated;
- the site to which it is transferred; and
- the accounting period in which it was generated.