Paragraph 70

Section 199 (exploration or exploitation assets: deemed disposals) is amended as follows.

In subsection (2), for “in respect of whom the residence condition (see section 2(1A)) is not met” substitute “ who is not UK resident for a tax year (as determined for the purposes of Chapter 1 of Part 1) ”.

In subsection (6), for paragraphs (a) and (b) substitute “ would be chargeable to capital gains tax or corporation tax as a result of section 1A(3)(a) or 2B(3) ”.