PART 2Corporation tax

Oil and gas

62Cluster area allowance: disqualifying conditions

1

Section 356JFA of CTA 2010 (expenditure on acquisition of asset: disqualifying conditions) is amended as follows.

2

In subsection (2) after “acquiring,” insert “ leasing, ”.

3

In subsection (3)(b) after “acquiring,” insert “ leasing, ”.

4

After subsection (4) insert—

5

In this section any reference to expenditure which was incurred by a company in “leasing” an asset is to expenditure incurred by the company under an agreement under which the asset was leased to the company.

5

The amendments made by this section have effect for the purposes of determining whether any expenditure incurred by a company on or after 16 March 2016 on the acquisition of an asset is relievable expenditure for the purposes of section 356JF of CTA 2010.