Income Tax (Trading and Other Income) Act 2005 section 225C

Meaning of "ring fence income"

Section 225C defines the term "ring fence income" as used throughout the Chapter dealing with oil-related taxation.

  • Ring fence income is income arising from oil extraction activities or oil rights.
  • The definition applies for all purposes within the relevant Chapter.
  • Oil extraction activities and ownership of oil rights are the two qualifying sources of such income.
  • This ring-fencing ensures that oil-related income is identified and treated separately from other types of income.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member