Part 2

Plant and machinery allowances
Chapter 13

Provisions affecting mining and oil industries

Provisions relating to ring fence trades

Ring fence trade a separate qualifying activity
162
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 any of paragraphs (a) to (c) of section 492(1) of ICTA (oil extraction activities, the acquisition, enjoyment or exploitation of oil rights, etc.), and
b
constitute a separate trade (whether as a result of section 492(1) of ICTA or otherwise).