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Finance Act 2020
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- UK Public General Acts
- 2020 c. 14
- SCHEDULE 4
- PART 1
- Paragraph 16
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Oil activities: ring fence
16In section 197 of TCGA 1992 (disposals of interests in oil fields etc: ring fence provisions), after subsection (4) insert—
“(4A)A deduction in respect of an aggregate loss accruing in a chargeable period that is (in accordance with subsection (4)(b) and (c)) allowable as a deduction against an aggregate gain treated as accruing in a later period is to be ignored for the purposes of section 269ZBA of CTA 2010 (corporate capital loss restriction: restriction on deductions from chargeable gains).”
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