288 Terminal losses
Finance Act 2004 (2004 c 12) | Legislation

288  Terminal losses

(1)     Schedule 17 to the Finance Act 1980 (c 48) (transfers of interests in oil fields) is amended as follows.

(2)     For paragraph 15 (terminal losses) substitute—

“Terminal losses

15

(1)     This paragraph applies in any case where—

(a)     such an allowable loss as falls to be relieved under section 7(3) accrues to the new participator from the field in a chargeable period ending after 17th March 2004, but

(b)     some or all of the loss cannot be relieved under section 7(3) against assessable profits accruing to him from the field.

(2)     So much of the loss as cannot be so relieved (“the remaining loss”) shall be regarded as an allowable unrelievable field loss in relation to the new participator (“the loss-maker”) only to the extent that—

(a)     so much of it as cannot be relieved in accordance with sub-paragraphs (3) to (6) below, exceeds

(b)     the aggregate of any relevant previous participators' expenditure unrelated to the field (see sub-paragraphs (10) and (11) below).

(3)     The remaining loss shall be treated as an allowable loss which falls to be relieved under section 7(3) against so much of any assessable profits accruing to the old participator

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