Part 4Loss relief
Chapter 2Trade losses
Restriction on sideways relief for specific trades
C180Ring fence income
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 F2meaning given by sections 225A and 225B of ITTOIA 2005.
F381Dealings in commodity futures
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82Exploitation of films
In the case of a trade carried on by an individual which consists of or includes the exploitation of films—
a
see F1section 115 for a restriction on sideways relief if the trade was carried on by the individual as a partner in a firm, and
b
see section 796 for a charge to income tax if the individual made a loss in the trade (whether carried on alone or as a partner in a firm) for which sideways relief is claimed.