Section 72 | Substantial shareholder exemption: oil and gas

(1)In Schedule 7AC to TCGA 1992 (exemption for disposals by companies with substantial shareholding), in paragraph 15A (effect of transfer of trading assets within a group), after sub-paragraph (2) insert—

(2A)For the purposes of sub-paragraph (2)(b) and (d), “trade” includes oil and gas exploration and appraisal.

(2)The amendment made by this section has effect in relation to disposals made on or after 1 April 2014.