Introduction Overview Chapter 6: Supplementary charge in respect of ring fence trades Section 330: Supplementary charge in respect of ring fence trades
1075.This section imposes an additional charge to tax on an adjusted measure of profits from the ring fence trade. It is based on section 501A(1), (2), (3) and (12) of ICTA.
1076.The adjustment to profits for this purpose is that financing costs, defined in section 331, are left out of account.
1077.Subsection (5) makes Chapter 6 subject to Chapter 7, which contains provisions that reduce the supplementary charge for certain new oil fields.