SCHEDULES

SCHEDULE 35Set off against oil profits: minor and consequential amendments

Section 111

TMA 1970

F41

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ICTA

2

ICTA is amended as follows.

F13

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F14

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F15

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F16

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7

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.

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.

F29

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FA 2000

F310

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