Section 451 | Oil and gas

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

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

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

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.