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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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Corporation Tax Ring Fence: The Supplementary Charge: The meaning of “Adjusted Ring Fence Profits”

CTA10\S330(2), CTA10\S330(3)

The supplementary charge is levied on a company’s adjusted ring fence profits. These are defined in CTA10\S330(2) & (3) as a company’s ordinary ring fence CT profits subject to the assumption that financing costs (see OT21206) are left out of account

  • in computing the company’s own profits, or,
  • for the purpose of computing adjusted ring fence profits only, in computing the amount of any loss relief surrendered to the company by way of group relief.