SCHEDULE 40 Oil: Chargeable Gains

Part 1 Licence Swaps

Finance Act 2009 (2009 c 10) | Legislation

Section 86 Part 1 Licence Swaps

TCGA 1992 is amended as follows.

In section 35(3) (assets held on 31 March 1982, including assets held on 6 April 1965)—

(a) in paragraph (c), omit the “or” at the end, and

(b) after that paragraph insert—

“(ca) where, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal, or”.

In section 55 (assets owned on 31 March 1982 or acquired on a no gain/no loss disposal), after subsection (5) insert—

“(5A) For the purposes of subsection (5), a disposal is also a no gain/no loss disposal if it is one on which, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal; but, in such a case, subsection (6)(b) below does not apply.”

In section 175(2C)(b) (replacement of business assets by members of a group), after “applies” insert “or is one where, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal”.

After section