Companies engaged in oil extraction activitiesU.K.
59(1)This paragraph applies where, apart from this paragraph, an amount (“the relevant amount”) is—U.K.
(a)a financing expense amount of a company by virtue of meeting condition A or condition B in paragraph 54, or
(b)a financing income amount of a company by virtue of meeting condition A or condition B in paragraph 55.
(2)The relevant amount is treated as not being a financing expense amount or a financing income amount of the company if the following conditions are met.
(3)The first condition is that the company is treated, in the accounting period in which the amount is brought into account, as carrying on a ring fence trade (see section 502 of ICTA).
(4)The second condition is that the amount falls to be brought into account in calculating the profits of that trade for that accounting period.