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HMRC internal manual

Oil Taxation Manual

HM Revenue & Customs
, see all updates

Capital Gains: Undeveloped Areas - Definition of Oil

Oil in relation to a UK licence has its PRT meaning and generally includes any hydrocarbons won under a UK or UK Continental Shelf oil licence.

In relation to other licences it means any petroleum within the meaning of the Petroleum Act 1998 (TCGA92\S196(5)).