OT21003 - Corporation Tax Ring Fence and Supplementary Charge

Oil Extraction Activities Defined

Oil extraction activities are defined by ICTA 1988 S502(1) as any activities of a person

in searching for oil in the United Kingdom or a designated area or causing such searching to be carried out for him or
in extracting or causing to be extracted for him oil at any place in the United Kingdom or a designated area under rights authorising the extraction and held by him or, if the person in question is a company, by the company or a company associated with it or
in transporting or causing to be transported for him oil extracted at any such place not on dry land under rights authorising the extraction and so held where the transportation is

to the place where the oil is first landed in the United Kingdom or
to the place in the United Kingdom or, in the case of oil first landed in another country, the place in that or any other country (other than the United Kingdom) at which the seller in a sale at arm's length could reasonably be expected to deliver it, or, if there is more than one such place, the one nearest to the place of extraction or

in effecting or causing to be effected for him the initial treatment of initial storage or oil won from any oil field under rights authorising its extraction and so held.