Corporation Tax Act 2010 section 329S

Reductions in respect of unrelieved group ring fence profits

Section 329S provided a mechanism for reducing a company's supplementary charge liability by reference to unrelieved ring fence profits elsewhere within its corporate group, but this provision has been repealed.

• Section 329S was part of Chapter 5A (sections 329A–329T), which dealt with the supplementary charge on ring fence profits from oil and gas activities.
• The section allowed reductions to be made to a company's supplementary charge where other companies in the same group had unrelieved ring fence profits.
• The entire chapter was repealed by Finance Act 2015, Schedule 11, paragraph 13(1).
• The repeal takes effect for accounting periods ending on or after 5 December 2013.

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