Taxation of Chargeable Gains Act 1992
4. Section 196 (interpretation) of the Taxation of Chargeable Gains Act 1992(1) has effect as if—
(a)in subsection (1), in paragraphs (a) and (b), and subsection (3), for “Oil and Gas Authority” there were substituted “appropriate authority”;
(b)in subsection (5), after “section—” there were inserted—
““appropriate authority”, in relation to a licence under Part 1 of the Petroleum Act 1998—
the Scottish Ministers, in relation to the Scottish onshore area, as defined in section 8A of that Act, or
otherwise, the Oil and Gas Authority;”.
1992 c.12; relevant amendments to section 196 were made by the Finance Act 1996 (c.8), section 181(1) and (4), the Finance Act 2009 (c.10), Schedule 40, Part 1, paragraphs 1 and 6, the Finance Act 2011(c.11), Schedule 15, Part 1, paragraph 3(1) and (3) and S.I. 2016/898. Section 196 is further amended by the Wales Act 2017 (c.4), Schedule 6, Part 1, paragraph 21 from a date to be appointed.