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(1)This section applies to a disposal of an oil industry asset where the following conditions are fulfilled—
(a)the person making the disposal held the asset on 31st March 1982 or, by virtue of paragraph 1 of Schedule 3, is treated as having held the asset on that date for the purposes of section 35;
(b)disregarding the following provisions of this section, for the purposes of this Act, a loss would accrue on the disposal; and
(c)in the application of section 35 subsection (2) of that section does not apply because of the operation of subsection (3)(b) of that section.
(2)For the purposes of this section, the following are “oil industry assets”—
(a)a licence under the [1934 c. 36.] Petroleum (Production) Act 1934 or the [1964 c. 28 (N.I.).] Petroleum (Production) Act (Northern Ireland) 1964;
(b)shares falling within paragraph 7(2)(d) of Schedule 3;
(c)oil exploration or exploitation assets, which expression shall be construed, subject to subsection (3) below, in accordance with paragraph 7(5) and (6) of Schedule 3; and
(d)any interest in an asset falling within paragraphs (a) to (c) above.
(3)In the application of paragraph 7(5)(b) of Schedule 3 for the purposes of subsection (2)(c) above, for the words from “the company whose shares” to “that company” there shall be substituted “the person making the disposal or a person connected with him”.
(4)Where this section applies to a disposal, there shall be determined for the purposes of this section the loss or gain which would accrue on the disposal on the following assumptions—
(a)that section 35(2) continues not to apply on the disposal; and
(b)that, in calculating the indexation allowance on the disposal, section 55(1) does not apply;
and in the following provisions of this section the loss or gain (if any) on the disposal, determined on those assumptions, is referred to as the non-rebased loss or, as the case may be, the non-rebased gain.
(5)If there is a non-rebased loss on a disposal to which this section applies and that loss is less than the loss which accrues on the disposal as mentioned in subsection (1)(b) above, it shall be assumed for the purposes of this Act that the loss which accrues on the disposal is the non-rebased loss.
(6)If there is a non-rebased gain on a disposal to which this section applies, it shall be assumed for the purposes of this Act that the oil industry asset concerned was acquired by the person making the disposal for a consideration such that, on the disposal, neither a gain nor a loss accrues to him.
(7)If, on the determination referred to in subsection (4) above, there is neither a non-rebased loss nor a non-rebased gain on a disposal, subsection (6) above shall apply in relation to the disposal as if there were a non-rebased gain on the disposal.
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