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HMRC internal manual

Oil Taxation Manual

HM Revenue & Customs
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Capital Gains: Rebasing of Assets Held at 31 March 1982 - Introduction

The general rules on rebasing are to be found at CG16700+.

Under TCGA92\S35(5) a person could make an irrevocable election to rebase the cost of an asset to its value on 31 March 1982 (see CG16760 +).

As oil prices were high in 1982, gains on oil licences and related assets will be computed more often by reference to their 31 March 1982 value, while allowable losses will generally be restricted to original cost, subject to limitation for capital allowances which were, or could have been, claimed (TCGA92\S41(2)).