Schedule 35 | Set off against oil profits: minor and consequential amendments

From legislation.gov.uk

TMA 1970

(1)Repealed^F1

(2)ICTA is amended as follows.

(3)Repealed^F2

(4)Repealed^F2

(5)Repealed^F2

(6)Repealed^F2

(7)In section 826 (interest on tax overpaid), in subsection (7A)(b), after “set off” insert “ (whether under section 393A(1) or 393B(3)) ”.

(1)Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is amended as follows.

(2)In paragraph 1 (provision about the Schedule), in sub-paragraph (7)(b), after “section 393A” insert “ or 393B ”.

(3)In paragraph 17 (ring fence losses and qualifying E&A losses), in sub-paragraph (2)—

(a)the words after “assumed” become sub-paragraph (a), and

(b)at the end of that sub-paragraph insert

(b)that (where appropriate) section 393B applies in relation to every such claim.

(9)Repealed^F3

(10)Repealed^F4