to have disposed of the asset immediately before the time when it ceased to be so dedicated, and

immediately to have reacquired it,

to have disposed immediately before the time when he ceased to carry on the trade in the United Kingdom through a branch or agency of every asset to which subsection (3) below applies, and

immediately to have reacquired every such asset,

to have disposed of the asset immediately before the time when he ceased to use it in or for the purposes of such activities, and

immediately to have reacquired it,

would be gains in respect of which he would be chargeable to capital gains tax under section 12(1) of the Capital Gains Tax Act 1979 (non-resident with United Kingdom branch or agency), or

would form part of his chargeable profits for corporation tax purposes by virtue of section 11(2)(b) of the Taxes Act 1988 (non-resident companies).

“exploration or exploitation asset” means an asset used in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area;

“designated area” and “exploration or exploitation activities” have the same meanings as in section 38 of the [1973 c. 51.] Finance Act 1973; and

the expressions “dedicated to an oil field” and “participator” shall be construed as if this section were included in Part I of the [1975 c. 22.] Oil Taxation Act 1975.