Corporation Tax Act 2010 section 356LD

Contractor's ring fence profits

Section 356LD defines "contractor's ring fence profits" for the purposes of the oil contractors tax regime.

• The term "contractor's ring fence profits" has a specific statutory definition used throughout the oil contractors provisions.
• It means the income a contractor earns from oil contractor activities during an accounting period.
• Oil contractor activities are activities carried out by a company that provides services or assets to oil licence holders operating in the UK or UK continental shelf.
• These profits are "ring fenced" to keep them separate from the contractor's other income for corporation tax purposes.