{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-195A",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-195A.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "section/195A",
  "kind": "section",
  "number": "195A",
  "heading": "Oil licence swaps",
  "text": "(1) Sections 195B to 195F apply for the purposes of corporation tax on chargeable gains.\n(2) In those sections—\n“licence-consideration swap” means a case where conditions A, B, C and D are met;\n“mixed-consideration swap” means a case where conditions A, B, C and E are met.\n(3) Condition A is that a company (“company A”) disposes of one or more UK licences to another company (“company B”), by way of a bargain at arm's length (“disposal A”).\n(4) Condition B is that company B disposes of one or more UK licences to company A, by way of a bargain at arm's length (“disposal B”).\n(5) Condition C is that either or both of the following paragraphs applies—\n(a) the licence, or at least one of the licences, comprised in disposal A relates to a developed area;\n(b) the licence, or at least one of the licences, comprised in disposal B relates to a developed area.\n(6) Condition D is that both—\n(a) disposal A is the only consideration given for disposal B, and\n(b) disposal B is the only consideration given for disposal A.\n(7) Condition E is that either—\n(a) disposal A is the only consideration given for disposal B, or\n(b) disposal B is the only consideration given for disposal A,\n(and accordingly one of the disposals is part of the consideration given for the other disposal).\n(8) In this section and sections 195B to 196 a reference to disposal of a UK licence includes—\n(a) a disposal of an interest in a UK licence, and\n(b) a disposal of a UK licence, or an interest in a UK licence, only so far as the licence relates to part of the licensed area.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Ss. 195A-195E inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 5"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 195A(1) substituted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/195A",
    "retrieved_at": "2026-10-29T09:36:15.270072+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}