http://www.legislation.gov.uk/id/ukpga/2020/14/schedule/4/part/1

SCHEDULES

SCHEDULE 4Corporate capital losses

PART 1Corporate capital loss restriction

Oil activities: ring fence

16

In section 197 of TCGA 1992 (disposals of interests in oil fields etc: ring fence provisions), after subsection (4) insert—

4A
A deduction in respect of an aggregate loss accruing in a chargeable period that is (in accordance with subsection (4)(b) and (c)) allowable as a deduction against an aggregate gain treated as accruing in a later period is to be ignored for the purposes of section 269ZBA of CTA 2010 (corporate capital loss restriction: restriction on deductions from chargeable gains).