OT30001 - Capital Gains

Introduction.

In this Manual the focus is on matters and provisions relevant to companies in the oil industry.

The Capital Gains Manual covers all non-oil and general capital gains matters, and should be consulted as and when appropriate.

The special rules for the oil industry broadly apply to chargeable gains and losses arising from disposals (or deemed disposals) of UK and UK Continental Shelf (UKCS) licenses (or licence interests), the related assets used in exploration and production activities, and shares or securities in unquoted companies deriving their main value from UK and UKCS oil rights and assets. In certain circumstances oil assets held outside the UK and UKCS will come within these rules.

Some other areas, again of particular relevance to the oil industry, are also covered.