[Part 2 Application and Interpretation]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[Part 2 Application and Interpretation]

[Qualifying companies

2

This Schedule applies in relation to any company which—

(a)     carries on a ring fence trade, or

(b)     is engaged in oil and gas exploration and appraisal (see section 837B [of this Act and section 1003 of ITA 2007]) with a view to carrying on a ring fence trade,

and in this Schedule any such company is referred to as a “qualifying companyâ€.

Accounting periods

3

(1)     In this Schedule, in the case of any qualifying company,—

“the commencement period†means the accounting period in which the company sets up and commences its ring fence trade;

“post-commencement period†means any accounting period ending on or after 1st January 2004 [but before 1st January 2006]—

(a)     which is the commencement period, or

(b)     which ends after the commencement period;

“pre-commencement period†means any accounting period ending—

(a)     on or after 1st January 2004 [but before 1st January 2006], and

(b)     before the commencement period.

(2)     For the purposes of this Schedule a company not within the charge to corporation tax which incurs qualifying E&A expenditure is to be treated as having such accounting periods as it would

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