Paragraph 8

(1)

Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is amended as follows.

(2)

In paragraph 1 (provision about the Schedule), in sub-paragraph (7)(b), after “section 393A” insert “ or 393B ”.

(3)

In paragraph 17 (ring fence losses and qualifying E&A losses), in sub-paragraph (2)—

(a)

the words after “assumed” become sub-paragraph (a), and

(b)

at the end of that sub-paragraph insert

“and—
(b)
that (where appropriate) section 393B applies in relation to every such claim.”