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IZ 1: Use of specified activity net losses
or “Rules for using specific business losses no longer apply”
You could also call this:

“Rules for shareholder payments to oil companies no longer apply”

This part of the law was about how petroleum mining companies handled payments from their shareholders. However, it’s important to know that this section of the law no longer applies. The government removed it on 1 April 2018. If you want to understand how these companies deal with payments from shareholders now, you’ll need to look at newer parts of the law.

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Next up: IZ 3: Petroleum mining companies: use of loss balances

or “ Removed rules about how oil companies could use their financial losses ”
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Part I Treatment of tax losses
Terminating provisions

IZ 2Petroleum mining companies: treatment of payments from shareholders (Repealed)

    Notes
    • Section IZ 2: repealed, on , by section 150(1) (and see section 150(2) for application) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).