SCHEDULES
SCHEDULE 4 Receipts Attributable to United Kingdom Use of Foreign Field Assets
The charge to tax
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.