Finance (No. 2) Act 2017 (c. 32)

SCHEDULES

SCHEDULE 4 U.K. Relief for carried-forward losses

PART 6 U.K. Oil activities

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

(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)”, and

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

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