Oil exploration and exploitation: LB London Oil & Gas Sector, Bush House
TCGA92/S193 to TCGA92/S200 provide special rules covering the calculation of chargeable gains or allowable losses on assets used in oil exploration or exploitation. These assets include licences, assets such as plant and machinery used in connection with an oil field and unquoted shares deriving the greater part of their value from oil exploration and exploitation assets. Any matters concerning such assets should normally be referred directly to LB London Oil & Gas Sector, Bush House. Where, however, a valuation of unquoted shares in an oil company is required, form CG30 should, as normal, be sent to Shares and Assets Valuation, who will consult with LB London Oil & Gas Sector, Bush House as necessary.