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HMRC internal manual

Corporate Intangibles Research and Development Manual

Intangible assets excluded from Schedule 29: assets outside FRS102 s18: oil licences


This paragraph excludes an oil licence or an interest in an oil licence from the intangible fixed assets to which Schedule 29 applies. An ‘oil licence’ is defined as a UK oil licence or a foreign oil concession which are then the subject of further definitions. There are similar definitions in TCGA92/S196 (which forms part of the Oil Taxation Acts).

Oil and gas exploration and development costs are themselves excluded from the scope of FRS102 s18 (or IAS38/FRS105 s13/FRS10).