Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 15 U.K. Oil activities: transferable tax history

PART 7 U.K. Supplementary charge: recalculation of adjusted ring fence profits

“Reduced ARFP amount” U.K.

51 (1) To determine the “reduced ARFP amount” for a pre-acquisition accounting period— U.K.

(a) take the activated ARFP amount for the period, and

(b) reduce that amount by the amount applied, in relation to the loss period mentioned in paragraph 26(1), in accordance with paragraph 25(2)(b) or (3)(b) for the pre-acquisition accounting period.

(2) This paragraph is subject to paragraph 52.