PART III INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
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F1432 Information as to arrangements for transferring relief, etc.
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38 Territorial extension of charge to income tax, capital gains tax and corporation tax.
F41
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2
F5Schedule 15 to this Act shall have effect and in that Schedule—
C1a
“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 F6listed on a recognised stock exchange (within the meaning of the Corporation Tax Acts); and
d
“shares” includes stock and any security as defined in section F7254(1) of the Tax Act 1988; and
F43
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F43A
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F43B
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F43C
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F44
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F45
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6
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7
This section shall have effect for the purposes of income tax and capital gains tax for the year 1973-74 and subsequent years of assessment and for the purposes of corporation tax for the financial year 1973 and subsequent years.
F48
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39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
F1341 General Commissioners’ divisions.
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