Corporation Tax Act 2010 section 279

Oil-related activities treated as separate trade

Section 279 requires that where a company carries on oil-related activities as part of a wider trade, those activities must be treated as a separate trade for corporation tax on income purposes.

• Oil-related activities carried on as part of a wider trade are deemed to be a separate trade for corporation tax purposes.
• This separate trade is treated as distinct from all other activities the company carries on within that trade.
• The separation applies specifically for the purposes of the charge to corporation tax on income.
• An equivalent rule applies for income tax purposes under separate legislation.