357BHB(1) For the purposes of this Part income falling within either of the Heads set out in the following subsections is not relevant IP income–
(a)subsection (2) (ring fence income),
(b)subsection (3) (income attributable to non-exclusive licences).
357BHB(2) Head 1 is income arising from oil extraction activities or oil rights. In this subsection “oil extraction activities” and “oil rights” have the same meaning as in Part 8 (see sections 272 and 273).