Introduction Overview Chapter 2: Basic definitions Section 272: “Oil extraction activities”
934.This section sets out the definition of “oil extraction activities” for the purposes of this Part. It is based on section 502(1) and (2) of ICTA.
935.Certain definitions are taken from the PRT legislation in section 12 of OTA 1975.
936.The corresponding rule for income tax is section 225A of ITTOIA (inserted by Schedule 1 to TIOPA).