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Finance Act 2009

Summary

1.Section 86 and Schedule 40 amend the chargeable gains legislation as it applies to disposals of licences and assets used within a ring fence trade.

2.Where licences for developed areas in the (UKCS) are swapped between companies, these will be treated as disposals which give rise neither to a gain nor a loss, for chargeable gains purposes, to the extent that the value of one licence swapped is matched by another licence.

3.In addition, where a company disposes of business assets used in connection with a UKCS field, to the extent that the proceeds are reinvested in other UKCS field assets, any gain that arises shall not be a chargeable gain.

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