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Finance Act 2014

Part 2.Minor and consequential amendments

33.Paragraph 5 makes minor consequential amendments to Part 8 as follows.

34.Paragraph 5(2) inserts in section 270 (overview of Part 8) a new subsection (7A) to introduce the onshore allowance.

35.Paragraph 5(3) amends section 333 (reduction of adjusted ring fence profits) to bring the wording in line with that used for the onshore allowance with regard to field allowances.

36.Paragraph 5(4) amends the definition of adjusted ring fence profits in section 357 to insert a reference to allowances under Chapter 8.

37.Paragraph 5(5) amends Schedule 4 of CTA 2010 to substitute “357” for “356AA”.

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