SCHEDULES

SCHEDULE 4U.K.Relief for carried-forward losses

PART 6 U.K.Oil activities

50(1)Section 305 (group relief) is amended as follows.U.K.

(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).