Introduction Details of the Section
2.Subsection (1) provides that this section applies where a company that has rights under a decommissioning relief agreement incurs decommissioning expenditure as a consequence of another company’s default on a decommissioning liability, and but for paragraph 15 of Schedule 17 to FA 1980 a sum would be payable to the company under the decommissioning relief agreement.
3.Subsection (2) provides that paragraph 15 of Schedule 17 to FA 1980 does not apply.
4.Subsection (3) provides that any allowable unrelievable field loss that would arise as a result of subsection (2) is not to be regarded as arising.
5.Subsection (4) provides that this section does not affect the operation of section 83(3) or (5).
6.Subsection (5) provides definitions for “abandonment programme”, “company”, “decommissioning expenditure”, “decommissioning relief agreement”, “oil field”, “relevant agreement” and “unrelieved portion”.