Capital Allowances Act 2001 Schedule 3 paragraph 86

Acquisition of oil licence from non-trader before 13th September 1995

Paragraph 86 of Schedule 3 establishes a transitional rule that excludes acquisitions of oil licences from non-traders occurring before 13 September 1995 from the provisions of section 408.

• Section 408 provides rules for mineral extraction allowances when an oil licence is acquired from a non-trader
• This transitional provision disapplies section 408 for acquisitions before 13 September 1995
• Acquisitions of oil licences from non-traders on or after 13 September 1995 remain subject to section 408
• This preserves the tax treatment that applied to earlier transactions under the previous rules