553 Consideration to be treated as nil
Capital Allowances Act 2001 (2001 c 2) | Legislation

Oil licences relating to undeveloped areas

553  Consideration to be treated as nil

(1)     This section applies if—

(a)     there is a material disposal of an oil licence which, at the time of the disposal, relates to an undeveloped area, and

(b)     any of the consideration for the disposal consists of—

(i)     another oil licence, or an interest in another oil licence, which at that time relates to an undeveloped area, or

(ii)     an obligation to undertake exploration work or appraisal work in an area which is or forms part of

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Proprietary estoppel

Proprietary estoppelThis Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice

LEXISNEXIS

HCPC—Main hearing of the Health and Care Professions Tribunal

HCPC—Main hearing of the Health and Care Professions TribunalCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the government’s response to the coronavirus outbreak. In particular, the Health and Care Professions Council (HCPC) (Coronavirus) (Amendment) Rules Order

LEXISNEXIS

Removal of a director

Removal of a directorThis note should be read in conjunction with Practice Note: Appointment, retirement and resignation of a director.For an illustration of the steps that must be taken to remove a director, see Removal of a director—flowchart.Removal from officeResolution to remove a directorA

LEXISNEXIS

Unless orders

Unless ordersThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.This Practice Note provides guidance on