SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 3Effect of a TTH election on the seller
18Effect of a TTH election: corporation tax
1
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.