Related Commentary  

8(1)  Subject to paragraph 4 of Schedule 2 to this Act, for the purposes of this Act a “qualifying asset” , in relation to a participator in an oil field, means, subject to subsection (1A) below, an asset–

(a)which either is not a mobile asset or is a mobile asset dedicated to that oil field; and

(b)in respect of which expenditure incurred by the participator is allowable, or has been allowed, for that field under section 3 above, section 4 of the principal Act or, subject to subsection (2) below, section 3 of that Act.

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