3(1)Section 2 of OTA 1975 (assessable profits and allowable losses) is amended as follows.U.K.
(2)For subsection (8) substitute—
“(8)The amount (if any) to be debited or credited to the participator for the period in respect of expenditure is the sum of the amounts mentioned in subsection (9) below.”
(3)Omit subsections (9)(a), (10) and (11).
(4)In Schedule 17 to FA 1980 (transfers of interests in oil fields), omit paragraph 11 (and the heading before it).
(5)This paragraph has effect in relation to future chargeable periods.
(6)But this paragraph is subject to paragraph 4.