SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 6Oil activities

53

1

Section 323 (meaning of “ring fence losses”) is amended as follows.

2

In subsection (1)—

a

for paragraph (b) substitute—

b

some or all of the loss falls to be carried forward to the following accounting period under section 45, 45B or 303B (carry forward of trade losses against subsequent profits)

b

in the words after paragraph (b) for “used” substitute “ carried forward ”.

3

In subsection (2) for “used” substitute “ carried forward ”.