Section 41 | Transfers of interests in oil fields.

(1)In sub-paragraph (1) of paragraph 7 of Schedule 17 to the Finance Act 1980 (transfers of unused losses from old participator to new in cases of transfers of interests in fields) for the words “in any chargeable period before the transfer period” there shall be substituted the words “ in the transfer period or any earlier chargeable period ”.

(2)In sub-paragraph (2) of that paragraph at the end there shall be added the words “ and, for the purposes of effecting such relief, subsection (1) of section 7 shall have effect as if the word “succeeding” were omitted ”.

(3)This section has effect in relation to transfer periods (within the meaning of paragraph 1 of Schedule 17 to the Finance Act 1980) ending after 31st December 1982.