Point in time view as at 22/03/2001.
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.
(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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