SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 7Supplementary charge: recalculation of adjusted ring fence profits
Recalculation: steps
50
1
This paragraph applies for the purposes of recalculating the transferred adjusted ring fence profits amount for the pre-acquisition accounting period mentioned in paragraph 26(1) (for the purposes of paragraph 26(2)(c)).
2
The recalculated transferred adjusted ring fence profits amount for the period is the aggregate of—
a
the reduced ARFP amount for the pre-acquisition period (see paragraphs 51 and 52), and
b
the adjusted finance cost amount for the loss period mentioned in paragraph 26(1) (see paragraph 55).
3
But if the amount given by taking the steps in sub-paragraph (2) is a negative amount, the recalculated transferred adjusted ring fence profits amount is nil.