Section 356NE | Losses ^F1

(1)Relief in respect of a loss incurred by the contractor (or an amount of such a loss) may not be given under section 37 (relief for trade losses against total profits) or section 45A (carry forward of post-1 April 2017 trade loss against total profits) against the contractor's ring fence profits except so far as the loss (or amount) arises from oil contractor activities.^F2F3F4F5

(2)Relief in respect of a loss incurred by the contractor may not be given against the contractor's ring fence profits under any provision listed in subsection (3).^F6

(3)The provisions are—^F6

(a)section 753 of CTA 2009 (non-trading losses on intangible fixed assets);^F6

(b)section 62(3) (relief for losses made in UK property business);^F6

(c)section 303C(3) (excess carried forward non-decommissioning losses of ring fence trade: relief against total profits).^F6