SCHEDULES
SCHEDULE 35Set off against oil profits: minor and consequential amendments
ICTA
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.”