Income and Corporation Taxes Act 1988 (c. 1)

SCHEDULES

Valid from 19/07/2006

SCHEDULE 19C U.K. Petroleum extraction activities: ring fence expenditure supplement

Part 3 U.K. Pre-commencement supplement

Reduction in respect of unrelieved group ring fence profits U.K.

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.