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.