SCHEDULES

F1SCHEDULE 19BPetroleum extraction activities: exploration expenditure supplement

Annotations:
Amendments (Textual)

Part 4Post-commencement supplement

20The non-qualifying pool

1

The non-qualifying pool consists of the company’s non-qualifying losses, allocated to the pool in accordance with sub-paragraph (2).

2

A non-qualifying loss is allocated to the pool by adding the amount of the non-qualifying loss to the pool in the period of the loss.

3

In the case of a non-qualifying loss incurred in an accounting period ending on or before 31st December 2003, the period of the loss shall be taken for the purposes of sub-paragraph (2) to be the first accounting period of the company that ends on or after 1st January 2004.

4

The amount in the non-qualifying pool is subject to reductions in accordance with the following provisions of this Part of this Schedule.

5

Where a reduction in the amount in the non-qualifying pool falls to be made in any accounting period—

a

the reduction is to be made after the addition to the pool of any non-qualifying loss allocated to the pool in that period in accordance with sub-paragraph (2), and

b

references to the amount in the non-qualifying pool shall be construed accordingly.