195 Allowance of certain drilling expenditure etc
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

195  Allowance of certain drilling expenditure etc

(1)     On the disposal of a licence, relevant qualifying expenditure incurred by the person making the disposal—

(a)     in searching for oil anywhere in the licensed area, or

(b)     in ascertaining the extent or characteristics of any oil-bearing area the whole or part of which lies in the licensed area or what the reserves of oil of any such oil-bearing area are,

shall be treated as expenditure falling within section 38(1)(b).

(2)     Expenditure incurred as mentioned in subsection (1) above is relevant expenditure if, and only if—

(a)     it is expenditure of a capital nature on [research and development]; and

[(b)     either it is expenditure in respect of which the person

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