Finance Act 2014 (c. 26)

PART 1 U.K. Income tax, corporation tax and capital gains tax

CHAPTER 4 U.K. Other provisions

Oil and gas U.K.

72 Substantial shareholder exemption: oil and gas U.K.

(1) In Schedule 7AC to TCGA 1992 (exemption for disposals by companies with substantial shareholding), in paragraph 15A (effect of transfer of trading assets within a group), after sub-paragraph (2) insert—

“(2A) For the purposes of sub-paragraph (2)(b) and (d), “trade” includes oil and gas exploration and appraisal.”

(2) The amendment made by this section has effect in relation to disposals made on or after 1 April 2014.