194 Disposals of oil licences relating to undeveloped areas
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

194  Disposals of oil licences relating to undeveloped areas

(1)     In this section any reference to a disposal (including a part disposal) is a reference to a disposal made by way of a bargain at arm's length.

(2)     If, at the time of the disposal, the licence relates to an undeveloped area, then, to the extent that the consideration for the disposal consists of—

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

(b)     an obligation to undertake exploration work or appraisal work in an area which is or forms part of the licensed area in relation to the licence disposed

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