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Capital Allowances Act 1990

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This is the original version (as it was originally enacted).

64Transfers of interests in oil fields

(1)This section applies where—

(a)there is, for the purposes of Schedule 17 to the [1980 c. 48.] Finance Act 1980, a transfer by a participator in an oil field of the whole or part of his interest in the field; and

(b)in pursuance of that transfer, the old participator disposes of, and the new participator acquires, machinery or plant used, or expected to be used, in connection with the field, or a share in such machinery or plant.

(2)In the application of this Part to expenditure incurred by the new participator in the acquisition referred to in subsection (1)(b) above, there shall be disregarded so much, if any, of that expenditure as exceeds the disposal value to be brought into account by the old participator under sections 24, 25 and 26 by reason of the disposal.

(3)In this section “the old participator” and “the new participator” have the same meaning as in Schedule 17 to the Finance Act 1980; and, subject to that and to section 83(4), expressions used in subsection (1) above and in Part I of the [1975 c. 22.] Oil Taxation Act 1975 have the same meanings in this section as they have in that Part.

(4)Nothing in this section affects the operation of section 75.

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