Related Commentary  


In s. 199(2) and (4); any reference to a “branch or agency” shall be read, in relation to a company, as if it were a reference to a “permanent establishment” (FA 2003, s. 153(2)(b); with effect in relation to accounting periods beginning on or after 1 January 2003).

199(1)  Where an exploration or exploitation asset which is a mobile asset ceases to be chargeable in relation to a person by virtue of ceasing to be dedicated to an oil field in which he, or a person connected with him, is or has been a participator, he shall be deemed for all purposes of this Act–

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