Corporation Tax Act 2010 section 329L

Reduction in respect of unrelieved group ring fence profits

Section 329L provided a mechanism for reducing the supplementary charge on ring fence profits where there were unrelieved ring fence profits elsewhere within a corporate group, but this provision has been repealed.

• Section 329L allowed a company to reduce its supplementary charge liability by reference to unrelieved ring fence profits held by other companies in the same group.
• The provision was part of a wider set of rules (Chapter 5A, sections 329A to 329T) dealing with the supplementary charge regime for oil and gas companies.
• The entire Chapter 5A was repealed by the Finance Act 2015, meaning these provisions are no longer in force.
• The repeal took effect for accounting periods ending on or after 5 December 2013, so the rules have not applied to any period ending from that date onwards.

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