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IZ 2: Petroleum mining companies: treatment of payments from shareholders
or “Rules for shareholder payments to oil companies no longer apply”
You could also call this:

“ Removed rules about how oil companies could use their financial losses ”

This part of the law used to talk about how petroleum mining companies could use their loss balances. However, it has been removed from the law. It was taken out on 1 April 2018. This means that the rules that were once here no longer apply. If you want to know more about how petroleum mining companies handle their losses now, you might need to look at other parts of the tax law.

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Next up: IZ 4: Tax losses for tax years before 1977–78 tax year

or “Older tax losses from before 1977-78 can still be used today”
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Part I Treatment of tax losses
Terminating provisions

IZ 3Petroleum mining companies: use of loss balances (Repealed)

    Notes
    • Section IZ 3: repealed, on , by section 151(1) (and see section 151(2) for application) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).