(1) Part 24 of the Principal Act is amended -
(a) by renumbering section 697 as section 696A, and
(b) by inserting the following after section 696A (renumbered by paragraph (a)):
"Chapter 3 Profit Resource Rent Tax
696B. Interpretation and application (Chapter 3).
(1) In this Chapter -
' cumulative field expenditure ', in relation to an accounting period of a company in respect of a taxable field, means the aggregate of the taxable field expenditure of the company in respect of the taxable field -
(a) for that accounting period, and
(b) for any preceding accounting period beginning on or after 1 January 2007;
' cumulative field profits ', in relation to an accounting period of a company in respect of a taxable field, means the aggregate of the net taxable field profits of the company in respect of the taxable field -
(a) for that accounting period, and
(b) for any preceding accounting period beginning on or after 1 January 2007,
after deducting the amount of any loss incurred in resp
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