Introduction Details of the Section
2.Subsection (1) provides that section 163 Capital Allowances Act (CAA) 2001 is amended by subsections (2), (3) and (4).
3.Subsection (2) amends subsection (1) of section 163 to extend the qualifying conditions for expenditure to be ‘general decommissioning expenditure’.
4.Subsection (3) inserts new subsections (3B) and (3C) into section 163.
5.New subsection (3B) of section 163 requires that the expenditure must have been incurred on decommissioning plant or machinery:
6.New subsection (3C) of section 163 provides the definition of a ‘relevant onshore installation’.
7.Subsection (4) amends subsection (5) of section 163 to include a definition of ‘oil’.
8.Subsection (5) provides that the changes made by the section have effect in relation to expenditure incurred on decommissioning carried out on or after Royal Assent to Finance Act 2013.