199 Exploration or exploitation assets: deemed disposals
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

199  Exploration or exploitation assets: deemed disposals

(1)     Where an exploration or exploitation asset which is a mobile asset ceases to be chargeable in relation to a person by virtue of ceasing to be dedicated to an oil field in which he, or a person connected with him, is or has been a participator, he shall be deemed for all purposes of this Act—

(a)     to have disposed of the asset immediately before the time when it ceased to be so dedicated, and

(b)     immediately to have reacquired it,

at its market value at that time.

(2)     Where a person [who is not UK resident for a tax year (as determined for the purposes of Chapter 1 of Part 1)] ceases

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