Section 451 | Oil and gas ^F1

(1)For the purposes of this Part any amount which is, or is taken into account in calculating—^F1

(a)the ring fence income of a company within the meaning of section 275 of CTA 2010, or^F1

(b)a company's aggregate gain or loss under section 197(3) of TCGA 1992,^F1

is to be ignored.

(2)For the purpose of applying subsection (1) in relation to the financial statements of a worldwide group of which the company is a member such adjustments are to be made to those statements as are just and reasonable.^F1