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
”
.