Corporation Tax Act 2010 section 357XA

Oil activities

Section 357XA excludes ring fence trades (oil activities) from the Northern Ireland corporation tax regime.

• A trade that qualifies as a ring fence trade is classified as an excluded trade.
• Ring fence trades are those involving oil extraction and related activities in the UK and UK continental shelf.
• Excluded trades cannot benefit from the Northern Ireland reduced rate of corporation tax.
• The definition of a ring fence trade follows the same meaning used in the oil activities provisions of the Corporation Tax Act 2010.