SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 7Supplementary charge: recalculation of adjusted ring fence profits

50Recalculation: steps

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.