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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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Capital gains: extension of ring fence: assets used in connection with oil fields - prevention of double claims

The following rules prevent double claims being made:

  • If a person makes a claim under S198A or S198B, no other claim under S152, S153, S198A or S198B may be made in respect of the relevant acquisition.
  • If a person has previously made a claim under S152 or S153 in respect of the relevant acquisition, the person may make a claim under S198A or S198B only if the person has withdrawn that claim previously made.
  • If a person replaces a S152 or S153 claim with a S198A or S198B claim, all necessary adjustments are made by making or amending assessments or by repayment or discharge of tax, and any time limits for making or amending assessments are disapplied (TCGA92\S198D).

Relevant acquisition means the acquisition of the new assets that is comprised in the disposal and acquisition to which a claim under S198A or S198B or declaration under S198C relates.