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.