{
  "url": "https://openlegislation.uk/finance-act-2001/schedule-32/paragraph-6",
  "json_url": "https://openlegislation.uk/finance-act-2001/schedule-32/paragraph-6.json",
  "legislation": "ukpga/2001/9",
  "legislation_title": "Finance Act 2001",
  "legislation_url": "https://openlegislation.uk/finance-act-2001",
  "path": "schedule/32/paragraph/6",
  "kind": "paragraph",
  "number": "6",
  "heading": "General rule for determinations under this Schedule of “unrelievable portion” of loss",
  "text": "(1) The unrelievable portion of the allowable loss is so much of the intermediate unrelieved loss as cannot be relieved under paragraph 7 against relevant profits.\n(2) In this Schedule—\n“the intermediate unrelieved loss” is so much of the allowable loss as cannot be relieved under section 7 of the Oil Taxation Act 1975 against assessable profits accruing from the field to the loss-maker;\n“relevant profits” means assessable profits—\n(a)accruing from the field to any participator in the field other than the loss-maker,\n(b)computed as if the amounts mentioned in section 2(8)(a) of that Act did not include expenditure unrelated to the field except where it has been allowed in pursuance of a claim or election for its allowance received by the Board before 29th November 1994, and\n(c)reduced (after being so computed) under section 7 of that Act.\n(3) In sub-paragraph (2) “expenditure unrelated to the field” has the meaning given by section 6(9) of that Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2001/9/schedule/32/paragraph/6",
    "retrieved_at": "2026-10-29T09:20:10.469456+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}