SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 7Supplementary charge: recalculation of adjusted ring fence profits

51“Reduced ARFP amount”

1

To determine the “reduced ARFP amount” for a pre-acquisition accounting period—

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.