Paragraph 9
(1)
Subject to sub-paragraph (2) below,—
(a)
the principal Act, and
(b)
the provisions of the M1Taxes Management Act 1970 which are applied by paragraph 1 of Schedule 2 to the principal Act,
shall have effect in relation to any assessable profit or allowable loss of a participator in a foreign field determined for a chargeable period under paragraph 8(1) above as if it were such an assessable profit or allowable loss as is referred to in section 1(2) of the principal Act.
(2)
No reduction shall be made by virtue of section 8 of the principal Act (oil allowance) in the assessable profit accruing to a participator in a foreign field for any chargeable period.
Annotations
Marginal citations
- M1