162 Ring fence trade a separate qualifying activityU.K.
(1)If a person carries on a ring fence trade, it is a separate qualifying activity for the purposes of this Part.
(2)In this Chapter “ring fence trade” means activities which—
(a)fall within [F1the definition of “oil-related activities” in section 16(2) of ITTOIA 2005] [F2or section 274 of CTA 2010], and
(b)constitute a separate trade (whether as a result of [F3section 16(1) of ITTOIA 2005 or] [F3section 16(1) of ITTOIA 2005 or] [F4section 279 of CTA 2010] or otherwise).
Textual Amendments
F1 Words in s. 162(2)(a) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 545(a) (with Sch. 2 )
F2Words in s. 162(2)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 343(a) (with Sch. 2)
F3 Words in s. 162(2)(b) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 545(b) (with Sch. 2 )
F4Words in s. 162(2)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 343(b) (with Sch. 2)