§ Mr.Skeetasked the Chancellor of the Exchequer (1) if he will seek to amend section 118 of the Capital Gains Tax Act 1979 to include a petroleum licence interest for the purpose of enabling participators to obtain roll-over relief;
(2) if he will take steps to amend capital gains tax legislation to facilitate farm-outs and disposals of interests in North sea licences; and if he will make a statement.
§ Mr.MooreI am not aware of any evidence that capital gains tax changes are needed to facilitate farm-outs or disposals of interests in North Sea licences. The extension of rollover relief described by the hon. Member would moreover be unacceptably costly.