Part 8Oil activities
Chapter 5Ring fence expenditure supplement
Post-commencement supplement
321Supplement in respect of a post-commencement period
1
A qualifying company which incurs a ring fence loss (see section 323) in any post-commencement period may claim supplement under this section (“post-commencement supplement”) in respect of—
a
that period, or
b
any subsequent accounting period in which it carries on its ring fence trade.
2
Any post-commencement supplement allowed on a claim in respect of a post-commencement period F1beginning before 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 45 (carry forward of F2pre-1 April 2017 trade loss against subsequent trade profits) to reduce trading income from the ring fence trade in succeeding accounting periods.
F32A
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.
3
Paragraph 74 of Schedule 18 to FA 1998 (company tax returns etc: time limit for claims for group relief) applies in relation to a claim for post-commencement supplement as it applies in relation to a claim for group relief.
4
In this Chapter “the post-commencement supplement provisions” means this section and sections 322 to 329.