Part 4Loss relief

Chapter 2Trade losses

Restriction on sideways relief for specific trades

C1C280Ring fence income

1

This section applies if—

a

a person has income arising from oil extraction activities or oil rights (“ring fence income”), and

b

the person makes a loss in any trade.

2

Sideways relief for the loss is not to be given against the person's ring fence income except so far as the loss arises from oil extraction activities or oil rights.

3

“Oil extraction activities” and “oil rights” have the F1meaning given by sections 225A and 225B of ITTOIA 2005.