92Qualifying assets: exclusion of land and certain buildings
(1)In subsection (1) of section 8 of the [1983 c. 56.] Oil Taxation Act 1983 (meaning of " qualifying asset") after the word " means " there shall be inserted " subject to subsection (1 A) below".
(2)After subsection (1) of that section there shall be inserted the following subsection—
“(1A)Notwithstanding anything in subsection (1) above, the following assets are not qualifying assets for the purposes of this Act, namely,—
(a)land or an interest in land ; and
(b)a building or structure which is situated on land and which does not fall within any of sub-paragraphs (i) to (iv) of paragraph (c) of subsection (4) of section 3 of the principal Act.”
(3)In section 15(3) of the Oil Taxation Act 1983 (interpretation) in the definition of " qualifying asset" for the words " section 8(1) " there shall be substituted " section 8".
(4)In paragraph 4 of Schedule 2 to that Act (cases where all the oil is exempt gas) at the end of sub-paragraph (2) (modifications of section 8(1)) there shall be inserted the following subparagraph—
“(2A)In any case where this paragraph applies, paragraph (b) of subsection (1A) of section 8 of this Act shall have effect in relation to the participator as if—
(a)for the words "does not" there were substituted " would not " ; and
(b)at the end there were added the words " even if section 10(2) of the principal Act were disregarded".”
(5)This section has effect for determining whether any consideration which is received or receivable after 19th March 1985 constitutes tariff receipts or disposal receipts within the meaning of the [1983 c. 56.] Oil Taxation Act 1983.