HC Deb 12 February 1980 vol 978 c596W
Mr. Skeet

asked the Chancellor of the Exchequer whether he will seek to mitigate the effect of capital gains tax on farm-ins and thus permit third parties without penalty to acquire an interest in North Sea licences following the drilling of oil or gas wells.

Mr. Peter Rees

Any liability in respect of a capital gain from such a transaction would fall on the person disposing of the interest, not the person acquiring it. It follows that there is no capital gains penalty on a person who acquires an interest in a North Sea licence.

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