Part 4Loss relief
Chapter 2Trade losses
Restriction on sideways relief for specific trades
80Ring 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 F1meaning given by sections 225A and 225B of ITTOIA 2005.
F281Dealings 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 F3section 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.