Part 8Oil activities
Chapter 4Calculation of profits
Relief
C1303BF1Carry forward of losses against subsequent profits
1
This section applies if—
a
in an accounting period beginning on or after 1 April 2017 (“the loss-making period”) a company makes a non-decommissioning loss in a ring fence trade,
b
relief under—
section 37 or 42, or
Part 5 (group relief),
is not given for an amount of the loss (“the unrelieved amount”), and
c
the company continues to carry on the ring fence trade in the next accounting period (“the later period”).
2
The unrelieved amount is carried forward to the later period.
3
Relief for the unrelieved amount is given to the company in the later period if the company makes a profit in the trade for the later period.
4
The relief is given by reducing the profits of the trade in the later period by the unrelieved amount.
5
Relief under this section is subject to restriction or modification in accordance with the provisions of the Corporation Tax Acts.