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Allowance Of Abortive Development Expenditure

Volume 888: debated on Wednesday 19 March 1975

The text on this page has been created from Hansard archive content, it may contain typographical errors.

No. 147, in page 52, line 40, leave out from ' ceased ' to ' he ' in line 43.

No. 148, in page 52, line 45, leave out ' ceased permanently and in those circumstances ' and insert ' permanently ceased'.

No. 149, in page 53, line 3, leave out sub-paragraph (2).

No. 150, in page 53, line 9, leave out ' abandoned oil field ' and insert ' field in question '.

No. 151, in page 53, leave out lines 17 to 27 and insert—

' Claims by participators for allowance of unrelievable field losses

4.—(1) A claim for the allowance, in connection with an oil field, of any unrelievable field less allowable under section ( Allowance of unrelievable loss from abandoned field) of this Act in the case of a participator in that field must be made by the participator to the Board and must be made within six years of the later of the following dates, that is to say the date of the decision (whether of the Board or on appeal from the Board) that the winning of oil from the oil field in the case of which the loss accrued has permanently ceased, and the date of the determination under Schedule 1 to this Act of the last-mentioned field'.

No. 152, in page 53, line 40, leave out from ' made ' to end of line 41 and insert

',for references to the claiming or allowance of expenditure, of references to the claiming or allowance of an unrelievable field loss and, for references to section 3 or 4 of this Act, of references to section ( Allowance of unrelievable loss from abandoned field) of this Act '.—[ Mr. Robert Sheldon.M]