Section 318 | Reduction in respect of unrelieved group ring fence profits

(1)This section applies if there is an amount of unrelieved group ring fence profits for a pre-commencement period.

(2)For the purpose of allocating qualifying pre-commencement expenditure to the pool for that period—

(a)find so much (if any) of amount E for that period as remains after any reduction falling to be made under section 317, and

(b)reduce that amount (but not below nil) by setting against it a sum equal to the aggregate of the amounts of unrelieved group ring fence profits for the period.