Section 330B of CTA 2010 (decommissioning expenditure taken into account for PRT purposes) is amended as follows.
In subsection (1), omit the "and" at the end of paragraph (a) and after paragraph (b) insert
For subsection (2) substitute—
In subsection (3)—
before the definition of "the appropriate fraction" insert—"the relevant percentage of the decommissioning expenditure" is the percentage of that expenditure that is the used-up amount referred to in subsection (1)(c),;
in the definition of "the appropriate fraction", omit "relevant";
in the definition of "the PRT difference", for "subsection (1)" substitute ." subsection (1)(a) "
In subsection (4), for "subsection (1)" substitute ." subsection (1)(a) "
In subsection (7)—
omit the definition of "the relevant accounting period", and
at the end insert—"the used-up amount", in relation to any expenditure, has the same meaning as in section 330A (see subsection (3) of that section).
The amendments made by this section have effect in relation to expenditure incurred in connection with decommissioning carried out on or after the day on which this Act is passed.