Introduction Details of the Schedule Part 2 – Commencement and Transitional Provision
32.Paragraph 4 provides interpretation on definitions for “additionally-developed oil field”, “authorisation day”, “eligible oil field” and “new oil field”.
33.Paragraph 5 provides that the introduction of new Chapter 6A is to have effect in relation to accounting periods ending on or after 1 April 2015.
34.Paragraph 6 provides the conditions under which Chapter 7 is omitted.
35.Paragraph 7 provides for the unactivated field allowance held under Chapter 7 to become unactivated investment allowance and the conditions under which this can occur.
36.Paragraph 8 provides for the activated but unused field allowance held under Chapter 7 to become activated investment allowance and the conditions under which this can occur.