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Changes over time for: Section 555


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 22/03/2001.
Changes to legislation:
Capital Allowances Act 2001, Section 555 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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555 Disposal of oil licence with exploitation valueU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a person (“the seller”) disposes of an interest in an oil licence to another (“the buyer”), and
(b)part of the value of the interest is attributable to allowable exploration expenditure incurred by the seller.
(2)For the purposes of Part 6 (research and development allowances) the disposal is to be treated as a disposal by which the seller ceases to own an asset representing the allowable exploration expenditure to which that part of the value of the interest is attributable.
(3)Part 6 applies as if the disposal value to be brought into account were equal to so much of the buyer’s expenditure on acquiring the interest as it is just and reasonable to attribute to that part of the value of the interest.
(4)In this section “allowable exploration expenditure” means expenditure which—
(a)is incurred on mineral exploration and access within the meaning of Part 5 (mineral extraction allowances), and
(b)is qualifying expenditure for the purposes of Part 6.
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