Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 555.
(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.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
