OT21100 - Corporation Tax Ring Fence: The Treatment of ACT
Advance Corporation Tax (ACT) was abolished from 6th April 1999 and ICTA88\S497, S498 & S499 ceased to have effect from that date.
Surplus ACT accumulated at 6 April 1999 may be utilised in subsequent accounting periods, subject to restrictions under the 鈥渟hadow ACT鈥� regime. This regime is the same for oil companies as for other companies, see CTM18000 onwards for guidance.
The pre 6 April 1999 legislation specifically affected companies within the oil industry with ring-fenced activities. If you are dealing with APs covered by this legislation, you should refer to archived guidance material in the LB Oil & Gas Library.