Introduction Details of the Section
2.The section inserts new subparagraph (2A) into paragraph 15A Schedule 7AC of the TCGA 1992 and provides that the amendments will take effect for disposals made on or after 1 April 2014.
3.New subparagraph (2A) amends the definition of “trade” at subparagraphs (2)(b) and (2)(d) of paragraph 15A to include oil and gas exploration and appraisal. “Oil and gas exploration and appraisal” is defined at section 1134 Corporation Tax Act 2010.