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 same meaning as in Chapter 5 of Part 12 of ICTA (see section 502 of that Act).