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(1)A licence under the [1934 c. 36.] Petroleum (Production) Act 1934 or the [1964 c. 28 (N.I.).] Petroleum (Production) Act (Northern Ireland) 1964 is not and, subject to subsection (2) below, shall be assumed never to have been an asset falling within any of the classes in section 118 of the [1979 c. 14.] Capital Gains Tax Act 1979 (classes of assets for the purposes of roll-over relief under section 115 of that Act)9.
(2)Nothing in subsection (1) above affects the determination of any Commissioners or the judgment of any court made or given before 14th May 1987.
(3)A reference in subsection (1) above to a provision of the [1979 c. 14.] Capital Gains Tax Act 1979 includes a reference to the corresponding enactment in Part III of the [1965 c. 25.] Finance Act 1965 which is re-enacted in that provision.
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