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HMRC internal manual

Oil Taxation Manual

Capital gains: extension of ring fence: assets used in connection with oil fields - disposals on or after 22 April 2009 - qualification for roll over relief

TCGA92\S198A, S198B and S198G

A disposal and acquisition qualifies for roll-over relief if:

  • the consideration for the disposal is applied in an acquisition as mentioned in TCGA92\S152(1), and
  • TCGA92\S152(1)(a) and (b) would apply to the disposal and acquisition if the appropriate claim were made;

with the following adjustments:

  • TCGA92\S152(8) (two or more trades viewed as single trade) is disregarded.
  • TCGA92\S198A (TCGA92\S152 is disapplied) is disregarded.
  • All the circumstances are taken into account, including TCGA92\S153(1) and TCGA92\S198(1) and (2).