(1)This Chapter entitles a company carrying on a ring fence trade, on making a claim in respect of an accounting period, to a supplement in respect of—
(a)qualifying pre-commencement expenditure incurred before the trade is set up and commenced,
(b)losses incurred in the trade, and
(c)some or all of the supplement allowed in respect of earlier periods.
(2)Sections 308 to 314 make provision about the application and interpretation of this Chapter.
(3)Sections 315 to 320 make provision about supplement in relation to expenditure incurred by the company—
(a)with a view to carrying on a ring fence trade, but
(b)in an accounting period before the company sets up and commences that trade.
(4)Sections 321 to 329 make provision about supplement in relation to losses incurred in carrying on the ring fence trade.
(5)There is a limit (of 6) on the number of accounting periods in respect of which a company may claim supplement.
(6)In determining the amount of supplement allowable, reductions fall to be made in respect of—
(a)disposal receipts in respect of any asset representing qualifying pre-commencement expenditure.
(b)ring fence losses that could be deducted under section 37 (relief for trade losses against total profits) or section 42 (ring fence trades: further extension of period for relief) from ring fence profits of earlier periods,
(c)ring fence losses incurred in earlier periods that fall to be used under section 45 (carry forward of trade loss against subsequent trade profits) to reduce profits of succeeding periods,
(d)unrelieved group ring fence profits.