Part 8Oil activities

Chapter 2Basic definitions

276“Ring fence profits”

In this Part “ring fence profits”, in relation to an accounting period, means—

a

if in accordance with section 197(3) of TCGA 1992 a company has an aggregate gain for that period, that gain and that company’s ring fence income (if any) for that period, or

b

otherwise, that company’s ring fence income for that period.