Section 356NE — Corporation Tax Act 2010: Losses

Losses 356NE 1 Relief in respect of a loss incurred by the contractor (or an amount of such a loss) may not be given under section 37 (relief for trade losses against total profits) or section 45A (carry forward of post-1 April 2017 trade loss against total profits) against the contractor's ring fence profits except so far as the loss (or amount) arises from oil contractor activities.

2 Relief in respect of a loss incurred by the contractor may not be given against the contractor's ring fence profits under any provision listed in subsection (3).

3 The provisions are—

a section 753 of CTA 2009 (non-trading losses on intangible fixed assets);

b section 62(3) (relief for losses made in UK property business);

c section 303C(3) (excess carried forward non-decommissioning losses of ring fence trade: relief against total profits).