PART 1Income tax, corporation tax and capital gains tax
CHAPTER 4Other provisions
Oil and gas
72Substantial shareholder exemption: oil and gas
(1)
In Schedule 7AC to TCGA 1992 (exemption for disposals by companies with substantial shareholding), in paragraph 15A (effect of transfer of trading assets within a group), after sub-paragraph (2) insert—
“(2A)
For the purposes of sub-paragraph (2)(b) and (d), “trade” includes oil and gas exploration and appraisal.”
(2)
The amendment made by this section has effect in relation to disposals made on or after 1 April 2014.