Corporation Tax Act 2010 section 333

Reduction of adjusted ring fence profits

Section 333 provides that a company's ring fence profits are to be reduced by the company's pool of field allowances.

• Ring fence profits from oil and gas activities can be reduced by available field allowances
• The reduction is applied against the company's adjusted ring fence profits for the accounting period
• The company must hold a pool of field allowances to make the reduction
• The effect is to lower the amount of ring fence profits subject to the supplementary charge on oil and gas companies