Introduction Overview Chapter 2: Basic definitions Section 274: “Oil-related activities”
939.This section sets out a definition of “oil-related activities”. It is based on section 492(1) of ICTA.
940.This definition underpins the meaning of “ring fence trade” in section 277 and the deeming of a separate trade for corporation tax purposes in section 279. The corresponding rule for income tax is section 16 of ITTOIA.