Taxation of Chargeable Gains Act 1992 section 193

Roll-over relief not available for gains on oil licences

Section 193 previously denied roll-over relief for chargeable gains arising on the disposal of oil licences, but this provision has been repealed.

• Section 193 originally prevented taxpayers from claiming roll-over relief on gains made from disposing of oil licences.
• Roll-over relief allows a chargeable gain to be deferred when the proceeds are reinvested in qualifying assets, but oil licences were specifically excluded by this section.
• The section was repealed by the Finance Act 1999 (section 103 and Schedule 20 Part IV(2)), effective from 1 July 1999.
• Since repeal, gains on oil licences are no longer subject to this specific restriction, though other provisions may still apply.