276 The territorial sea and the continental shelf
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

276  The territorial sea and the continental shelf

(1)     The territorial sea of the United Kingdom shall for all purposes of the taxation of chargeable gains (including the following provisions of this section) be deemed to be part of the United Kingdom.

(2)     In this section—

(a)     “exploration or exploitation activities” means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or a designated area; and

(b)     “exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets; and

(c)     references to the disposal of exploration or exploitation rights include references to the disposal of shares deriving their value or the greater part of their value directly or indirectly from such rights, other than shares [listed] on a recognised stock exchange; and

(d)     “shares” includes stock and any security as defined in [section 1117(1) of CTA 2010]; and

(e)     “designated area” means an area designated by Order in Council under section 1(7)

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