Taxes Consolidation Act 1997 section 23

Application of section 13 for purposes of corporation tax

Section 23 confirms that the rules relating to continental shelf activities, which impose a charge to income tax under section 13, also apply to companies for corporation tax purposes.

• Section 13 imposes income tax on profits or gains from exploration or exploitation activities carried on in the State's area of the Continental Shelf.
• Section 23 extends the application of section 13 so that it also applies for corporation tax purposes.
• This ensures that companies carrying out continental shelf activities are liable to corporation tax on those profits in the same way as individuals are liable to income tax.
• The extension was necessary because the original continental shelf rules predated the introduction of corporation tax in 1976.