330Supplementary charge in respect of ring fence tradesU.K.
(1)If a company carries on a ring fence trade in an accounting period, a sum equal to [F132%] of its adjusted ring fence profits for that period is to be charged on the company as if it were an amount of corporation tax chargeable on the company.
(2)A company's “adjusted ring fence profits” for an accounting period are the amount which, on the assumption mentioned in subsection (3), would be determined for that period as the [F2company's ring fence profits] chargeable to corporation tax.
(3)The assumption is that financing costs are left out of account in calculating—
(a)the amount of the profits or loss of any ring fence trade of the company for an accounting period, and
(b)if for any such period the whole or part of any loss relief is surrendered to the company in accordance with section 305(1), the amount of that relief or part.
(4)See also section 331 (meaning of financing costs etc).
(5)This Chapter is subject to Chapter 7 (which contains provision about the reduction of the supplementary charge for certain new oil fields).
Textual Amendments
F1Figure in s. 330(1) substituted (with effect in accordance with s. 7(2)-(11) of the amending Act) by Finance Act 2011 (c. 11), s. 7(1)
F2Words in s. 330(2) substituted (retrospective to 6.12.2011) by Finance Act 2012 (c. 14), s. 182(1)(2)