Part 1 Licence Swaps
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 15 Chargeable Gains: Oil Activities

Section 64

Part 1 Licence Swaps

1

In section 195A of TCGA 1992 (oil licence swaps), in subsection (1), for “195E†substitute “195Fâ€.

2

After section 195E of that Act (company that gives mixed consideration) insert—

“195F Reimbursed expenditure

(1)     This section applies if—

(a)     expenditure is incurred by company A or company B (see section 195A) on a licence disposed of by it under a licence-consideration swap or mixed-consideration swap,

(b)     the expenditure is incurred before the disposal,

(c)     the expenditure falls within section 38(1)(b), and

(d)     the expenditure is reimbursed or effectively reimbursed (whether

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