Section 80 | Ring fence income

(1)This section applies if—

(a)a person has income arising from oil extraction activities or oil rights (“ring fence income”), and

(b)the person makes a loss in any trade.

(2)Sideways relief for the loss is not to be given against the person's ring fence income except so far as the loss arises from oil extraction activities or oil rights.

(3)“Oil extraction activities” and “oil rights” have the meaning given by sections 225A and 225B of ITTOIA 2005.