Related Commentary  Related HMRC Manuals

5(1)  Subject to the following provisions of this section and Schedule 7 to this Act, the abortive exploration expenditure allowable in the case of a person who is a participator in an oil field is any expenditure (whether or not of a capital nature) incurred on or after 1st January 1960 and before 16th March 1983 which–

(a)was incurred by that person or, if that person is a company, by that company or a company associated with it in respect of the expenditure; and

(b)was incurred wholly and exclusively for the purpose of searching for oil in the United Kingdom, the territorial sea thereof or a designated area; and

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