SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 6Oil activities

50

1

Section 305 (group relief) is amended as follows.

2

In the heading, at the end insert “ and group relief for carried-forward losses ”.

3

After subsection (1) insert—

1A

On a claim under Chapter 3 of Part 5A, group relief for carried-forward losses may not be allowed against the claimant company's ring fence profits.

4

For subsection (4) substitute—

4

In this section—

  • “claimant company” is to be read in accordance with Part 5 (see section 188) or Part 5A (see sections 188CB(2) and 188CC(2)), as the case requires;

  • “surrendering company” is to be read in accordance with Part 5 (see section 188).