SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 7Supplementary charge: recalculation of adjusted ring fence profits
53“Activated ARFP amount”
1
The “activated ARFP amount” for a pre-acquisition accounting period is the amount equal to—
2
3
Sub-paragraph (4) applies if, in respect of an earlier loss period—
a
b
a corresponding repayment is determined under paragraph 26(2) (an “earlier repayment”).
4
The amount of the transferred adjusted ring fence profits for the pre-acquisition accounting period is treated, for the purposes of sub-paragraph (1), as being reduced by an amount equal to the total of the activated ARFP amounts for that period for the purposes of each earlier repayment.