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HMRC internal manual

Oil Taxation Manual

Field allowance: application of field allowance after changes to adjusted ring fence profits

A company’s adjusted ring fence profits for an accounting period means the adjusted ring fence profits that would (but for the field allowance) be taken into account in calculating the supplementary charge on the company under CTA2010\S330 & S331 for the accounting period.

If there is any change in a company’s adjusted ring fence profits for an accounting period, any necessary adjustments are made to the operation of the field allowance legislation.

**  This guidance is superseded by the introduction of the Investment Allowance legislation in Finance Act 2015. This applies to investment expenditure incurred on or after 1 April 2015.  The relevant legislation is in Part 8 Chapter 6A of CTA 2010.  Transitional rules are at paragraphs 7 and 8 of Part 2 Schedule 12 Finance Act 2015.  Full updated guidance will be provided shortly.  **