Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 5: Ring fence expenditure supplement
Section 314: Taxable ring fence profits for an accounting period

1048.This section defines the term “taxable ring fence profits” for the purposes of the Chapter. It is based on paragraph 8 of Schedule 19C to ICTA.

1049.This term is used in section 313 to determine the amount of unrelieved group ring fence profits.