SCHEDULES
SCHEDULE 4Relief for carried-forward losses
PART 7Oil contractors
57
1
Section 356NE (losses) is amended as follows.
2
The existing text becomes subsection (1) of that section.
3
In subsection (1)—
a
after “the contractor” insert “
(or an amount of such a loss)
”
;
b
after “profits)” insert “
or section 45A (carry forward of post-1 April 2017 trade loss against total profits)
”
;
c
after “the loss” insert “
(or amount)
”
.
4
After subsection (1) insert—
2
Relief in respect of a loss incurred by the contractor may not be given against the contractor's ring fence profits under any provision listed in subsection (3).
3
The provisions are—
a
section 753 of CTA 2009 (non-trading losses on intangible fixed assets);
b
section 62(3) (relief for losses made in UK property business);
c
section 303C(3) (excess carried forward non-decommissioning losses of ring fence trade: relief against total profits).