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HMRC internal manual

Oil Taxation Manual

HM Revenue & Customs
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PRT: Expenditure: Spreading Elections - Interaction with Net Profit Period

The legislation covering spreading elections ceased to have effect in relation to chargeable periods beginning after 30 June 2009.

In calculating whether or not a net profit has been reached (see OT12650), the effect of a spreading election is ignored, FA81\S111(3)(b).