Finance Act 1997
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Change 1
107 Petroleum revenue tax: non-field expenditure.
(1) Section 113 of the Finance Act 1984 (restrictions on relief by reference to a qualifying date) shall be amended as follows. (2) In subsection (4) (meaning of “qualifying date”), after “means” there shall be inserted “ (subject to subsection (6) below) ”. (3) In subsection (6) (old participator’s qualifying date to be taken into account, in the case of a transfer, in determining as respects certain expenditure the date that is to be regarded as the new participator’s qualifying date), for the words from “is an applicable date” onwards there shall be substituted “ , rather than the date given by subsection (4) above, shall be taken to be the qualifying date in relation to the new participator. ” (4) This section has effect in relation to any expenditure in respect of which a claim is made on or after 23rd July 1996.
107 Petroleum revenue tax: non-field expenditure.
(1) Section 113 of the Finance Act 1984 (restrictions on relief by reference to a qualifying date) shall be amended as follows. (2) In subsection (4) (meaning of “qualifying date”), after “means” there shall be inserted “ (subject to subsection (6) below) ”. (3) In subsection (6) (old participator’s qualifying date to be taken into account, in the case of a transfer, in determining as respects certain expenditure the date that is to be regarded as the new participator’s qualifying date), for the words from “is an applicable date” onwards there shall be substituted “ , rather than the date given by subsection (4) above, shall be taken to be the qualifying date in relation to the new participator. ” (4) This section has effect in relation to any expenditure in respect of which a claim is made on or after 23rd July 1996.
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