F1PART 8ZAOil contractors
CHAPTER 4Calculation of profits
Relief
356NELosses
F31
Relief in respect of a loss incurred by the contractor F4(or an amount of such a loss) may not be given under section 37 (relief for trade losses against total profits) F5or section 45A (carry forward of post-1 April 2017 trade loss against total profits) against the contractor's ring fence profits except so far as the loss F6(or amount) arises from oil contractor activities.
F22
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).
Pt. 8ZA inserted (retrospective to 1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6