Income Tax (Trading and Other Income) Act 2005 section 225B

Meaning of "oil rights"

Section 225B defines the term "oil rights" as used throughout the chapter dealing with the taxation of oil-related activities.

  • Oil rights cover rights to oil that is to be extracted anywhere in the United Kingdom or a designated area.
  • Oil rights also include rights to interests in, or to the benefit of, such oil.
  • The definition encompasses both direct extraction rights and indirect beneficial interests in the oil.
  • A "designated area" refers to areas outside the United Kingdom, such as the UK continental shelf, that have been specified under relevant legislation.

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