318Companies engaged in oil extraction activities
(1)This section applies if, apart from this section, an amount (“the relevant amount”) is—
(a)a financing expense amount of a company because of meeting condition A or condition B in section 313, or
(b)a financing income amount of a company because of meeting condition A or condition B in section 314.
(2)The relevant amount is treated as not being a financing expense amount or a financing income amount of the company if conditions 1 and 2 are met.
(3)Condition 1 is that the company is treated, in the accounting period in which the amount is brought into account, as carrying on a ring fence trade (see section 277 of CTA 2010).
(4)Condition 2 is that the amount falls to be brought into account in calculating the profits of that trade for that accounting period.