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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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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.