Taxation of Chargeable Gains Act 1992 (c. 12)

Part VI U.K. Companies, oil, insurance etc.

Chapter II U.K. Oil and mining industries

Oil exploration and exploitation U.K.

[F1 198A Ring fence reinvestment: whole consideration reinvested U.K.

(1) This section applies if a person (“P”) makes a disposal and acquisition which—

(a) is a ring fence reinvestment, and

(b) qualifies for roll-over relief.

(2) P may make a claim under this section in relation to the disposal and acquisition.

(3) If P makes a claim under this section—

(a) section 152 does not apply to any of the disposal consideration, and

(b) any gain accruing to P on the disposal is not a chargeable gain.

(4) In this section “disposal consideration” means the whole of the consideration obtained on the disposal made by P.]

Textual Amendments

F1 Ss. 198A-198G inserted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 12