Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 2: Basic definitions
Section 277: “Ring fence trade”

946.This section sets out the meaning of “ring fence trade” for the purposes of this Part. It is based on section 502(1) of ICTA.

947.The corresponding rule for income tax is section 225D of ITTOIA (inserted by Schedule 1 to TIOPA).