Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 4: Calculation of profits
Section 296: Introduction to sections 297 and 298

1010.This section sets out the circumstances in which sections 297 and 298 apply, and provides some related definitions. It is based on sections 64(1), (2) and (3) and 65(1) of FA 1991.

1011.The corresponding rule for income tax is section 225R of ITTOIA (inserted by Schedule 1 to TIOPA).