Statute
Section 80 — Income Tax Act 2007: Ring fence income
Text of the provision Official document
Ring fence income 80 1 This section applies if—
a a person has income arising from oil extraction activities or oil rights (“ring fence income”),
and b the person makes a loss in any trade.
2 Sideways relief for the loss is not to be given against the person's ring fence income except so far as the loss arises from oil extraction activities or oil rights. 3 “ Oil extraction activities ” and “ oil rights ” have the meaning given by sections 225A and 225B of ITTOIA 2005 .
Official source: legislation.gov.uk
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