(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 respect of the taxable field for any such period;