SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 3Effect of a TTH election on the seller

18Effect of a TTH election: corporation tax

1

Paragraphs 16 and 17 are subject to this paragraph.

2

If, on or after the licence transfer date, the seller’s eligible ring fence profits for a pre-transfer accounting period are reduced to an amount which is lower than the transferred profits amount for that period—

a

the seller is treated as incurring a loss in a ring fence trade, of an amount equal to the difference, for the accounting period, and

b

paragraph 17 does not apply to the difference.