Corporation Tax Act 2010 section 329R

Reductions in respect of utilised onshore ring fence losses

Section 329R provided for reductions to the supplementary charge on oil and gas companies where onshore ring fence losses had been utilised, but this section was repealed with effect for accounting periods ending on or after 5 December 2013.

• Section 329R was part of Chapter 5A (sections 329A–329T), which dealt with the supplementary charge regime for oil and gas companies operating within the UK ring fence tax system.
• The section addressed how the supplementary charge could be reduced when a company had made use of losses arising from its onshore ring fence activities.
• The entire Chapter 5A was repealed by the Finance Act 2015 (Schedule 11, paragraph 13), meaning these provisions are no longer in force.
• The repeal took effect in relation to accounting periods ending on or after 5 December 2013, so the provisions have no application to any current or recent periods.