6U.K.This Schedule is to be treated as having come into force on 1 April 2014 (“the commencement date”).
7U.K.Section 356L of CTA 2010 has effect in relation to activities carried out on or after the commencement date.
8(1)If, on the commencement date, a company was carrying on a trade that consisted of, or included, carrying out oil contractor activities, an accounting period ends (if it would not otherwise do so) with 31 March 2014.U.K.
(2)Sub-paragraph (3) applies if—
(a)but for sub-paragraph (1), a company would have had an accounting period that began before the commencement date and ended on or after that date (“the split accounting period”), and
(b)the company's accounting period beginning with 1 April 2014 ends when the split accounting period would have ended but for that sub-paragraph.
(3)For the purposes of Chapter 4 of Part 22 of CTA 2010 (surrender of tax refund within group)—
(a)the company is to be treated as having the split accounting period,
(b)any tax refund due to the company for—
(i)the accounting period ending with 31 March 2014, or
(ii)the accounting period beginning with 1 April 2014,
is to be treated as if it were a tax refund due to the company for the split accounting period, and
(c)if the company surrenders a tax refund that is so treated (or part of such a refund), the references in section 964(6) of CTA 2010 to the date on which corporation tax became due and payable are to be treated as references to the date on which corporation tax would have become due and payable had the company had the split accounting period.
9(1)A company may be given relief under section 45 of CTA 2010 (carry forward of trade loss against subsequent trade profits) for a loss made in an accounting period ending before the commencement date against profits of a ring fence trade so far as (and only so far as) the loss would have been a loss of the ring fence trade had section 356L of that Act had effect in relation to activities carried out before the commencement date and Part 8ZA therefore applied.U.K.
(2)In sub-paragraph (1) “ring fence trade” means oil contractor activities that constitute a separate trade (whether by virtue of section 356M of that Act or otherwise).