SCHEDULES
SCHEDULE 19CPetroleum extraction activities: ring fence expenditure supplement
Part 3Pre-commencement supplement
Reduction in respect of unrelieved group ring fence profits
12
(1)
This paragraph applies if there is an amount of unrelieved group ring fence profits for a pre-commencement period.
(2)
For the purpose of allocating qualifying pre-commencement expenditure to the pool for that period—
(a)
find so much (if any) of amount E for that period as remains after any reduction falling to be made under paragraph 11, and
(b)
reduce that amount (but not below nil) by setting against it a sum equal to the aggregate of the amounts of unrelieved group ring fence profits for the period.