Capital Gains: Undeveloped Areas - Definitions - 1
Licence means “any UK licence or foreign oil concession” (TCGA92\S196(5)).
UK licence has the same meaning as in Part I OTA 1975,
For a UK licence an undeveloped area is defined at TCGA92\S196(1)
Foreign oil concession means any right to search for or win overseas petroleum, being a right conferred or exercisable (whether or not by virtue of a licence) in relation to a particular area”.
For a licence other than a UK licence (e.g. a foreign oil concession) an undeveloped area is defined at TGCA92\S196(1A)
TGCA92\S196(5) also defines oil, overseas petroleum, interest, licensee and licensed area for both UK and overseas licences.