OT30401 - Capital Gains

Oil Industry Assets.

TCGA92\s200(2) defines "oil industry assets" as:

1. a licence under the Petroleum Act 1998, or the Petroleum (Production) Act (Northern Ireland) 1964.
2. shares falling within TCGA92\Sch3\Para7(2)(d)
3. oil exploration or exploitation assets

The definition of these assets at TCGA92\Sch3\Para7(5) and TCGA92\Sch3\Para7(6) for unquoted shares is modified, in relation to mobile assets. For this purpose it is the vendor of the assets (or a connected person) who must be, or have been, a participator in the field to which the asset is dedicated, rather than the company whose shares are sold (or a connected person).

1. any interest in an asset falling within a. to c. above.