The legislation contains certain specific prohibitions which apply whether or not the expenditure is incurred in relation to a long-term asset. They are as follows:

interest;

land;

buildings or structures on land;

expenditure depending on oil won;

acquisition of interests in oil;

payments of contractors’ tax;

double allowances;

expenditure relating to excluded oil;

deballasting;

transactions between connected persons;

subsidised expenditure;

non-taxable fields; and

pipeline elections.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.