Income Tax Act 2007

80 Ring fence income U.K.

(1) This section applies if—

(a) a person has income arising from oil extraction activities or oil rights (“ring fence income”), and

(b) the person makes a loss in any trade.

(2) Sideways relief for the loss is not to be given against the person's ring fence income except so far as the loss arises from oil extraction activities or oil rights.

(3) “Oil extraction activities” and “oil rights” have the [F1 meaning given by sections 225A and 225B of ITTOIA 2005].

Textual Amendments

F1 Words in s. 80(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 193 (with Sch. 9 paras. 1-9, 22)

Modifications etc. (not altering text)

C1 S. 80 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 6 para. 1(11)(d)