197 Disposals of interests in oil fields etc: ring fence provisions
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

197  Disposals of interests in oil fields etc: ring fence provisions

(1)     This section applies where in pursuance of a transfer by a participator in an oil field of the whole or part of his interest in the field, there is—

(a)     a disposal of an interest in oil to be won from the oil field; or

(b)     a disposal of an asset used in connection with the field;

and section 12 of the Oil Taxation Act 1975 (interpretation of Part I of that Act) applies for the interpretation of this subsection and the reference to the transfer by a participator in an oil field of the whole or part of his interest in the field shall be construed in accordance with paragraph 1 of Schedule 17 to the Finance Act 1980.

(2)     In this section “material disposal” means—

(a)     a disposal falling within paragraph (a) or paragraph (b) of subsection (1) above; or

(b)     the sale of an asset referred to in section . . . 179(3) where the asset was acquired by the chargeable company (within the meaning of that section) on a disposal falling within one of those paragraphs.

(3)     For any chargeable period in which a chargeable

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pre-trial and case management hearings in the Crown Court

Pre-trial and case management hearings in the Crown CourtCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the Coronavirus Act 2020 (CA 2020). CA 2020, among other measures, makes provision for the extended use of live links and audio links in criminal proceedings.

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Carriage of goods by sea—the Hague-Visby Rules

Carriage of goods by sea—the Hague-Visby RulesThis Practice Note explains the Hague-Visby Rules (the Rules) which are an international convention enacted into English law by the Carriage of Goods by Sea Act 1971 (CGSA 1971) whose purpose is to regulate some of the most important rights and

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages