SCHEDULES
SCHEDULE 4Relief for carried-forward losses
PART 6Oil activities
52
1
Section 321 (supplement in respect of a post-commencement period) is amended as follows.
2
In subsection (2) (treatment of supplement as loss etc)—
a
in the words before paragraph (a) after “period” insert “
beginning before 1 April 2017
”
, and
b
in paragraph (b) after “forward of” insert “
pre-1 April 2017
”
.
3
After subsection (2) insert—
2A
Any post-commencement supplement allowed on a claim in respect of a post-commencement period beginning on or after 1 April 2017 is to be treated for the purposes of the Corporation Tax Acts (other than the post-commencement supplement provisions or Part 4 of Schedule 19B to ICTA) as if it were a loss—
a
which is incurred in carrying on the ring fence trade in that period, and
b
which falls in whole to be used under section 45B (carry forward of post-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.