Section 111
SCHEDULE 35U.K.Set off against oil profits: minor and consequential amendments
TMA 1970U.K.
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ICTAU.K.
2U.K.ICTA is amended as follows.
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7U.K.In section 826 (interest on tax overpaid), in subsection (7A)(b), after “set off” insert “ (whether under section 393A(1) or 393B(3)) ”.
8(1)Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is amended as follows.U.K.
(2)In paragraph 1 (provision about the Schedule), in sub-paragraph (7)(b), after “section 393A” insert “ or 393B ”.
(3)In paragraph 17 (ring fence losses and qualifying E&A losses), in sub-paragraph (2)—
(a)the words after “assumed” become sub-paragraph (a), and
(b)at the end of that sub-paragraph insert “and—
(b)that (where appropriate) section 393B applies in relation to every such claim.”
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FA 2000U.K.
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