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(a) for corporation tax purposes, in relation to disposals made in
accounting periods beginning on or after 1 April 2011, and

(b) for capital gains tax purposes, in relation to disposals made on or
after 6 April 2011.

16 40Section 241A of TCGA 1992, so far as it applies for the purposes of section
section 253 of that Act, has effect—

(a) for corporation tax purposes, in relation claims made on or after 1
April 2011, and

(b) for capital gains tax purposes, in relation to claims made on or after
456 April 2011.

17 (1) In relation to disposals within paragraph 15 and claims within paragraph 16,
section 241A of TCGA 1992 is to be treated as having had effect on and after

Finance (No. 3) BillPage 239

1 January 1994 in determining, for the purposes of any of the provisions
referred to in section 241A(5) of that Act, whether a trade was carried on in
any period beginning on or after that date.

(2) Sub-paragraph (3) has effect, for the purposes of sub-paragraph (1), in
5relation to any expression in section 241A of TCGA 1992 which is defined by
reference to any provision of ITTOIA 2005, ITA 2007, CTA 2009 or CTA 2010.

(3) As respects any time before the coming into force of that provision, that
expression is to have the meaning that it had under the enactments in force
at that time.

Section 64

10SCHEDULE 15 Chargeable gains: oil activities

Part 1 Licence swaps

1 In section 195A of TCGA 1992 (oil licence swaps), in subsection (1), for
15“195E” substitute “195F”.

2 After section 195E of that Act (company that gives mixed consideration)
insert—

195F Reimbursed expenditure

(1) This section applies if—

(a) 20expenditure is incurred by company A or company B (see
section 195A) on a licence disposed of by it under a licence-
consideration swap or mixed-consideration swap,

(b) the expenditure is incurred before the disposal,

(c) the expenditure falls within section 38(1)(b), and

(d) 25the expenditure is reimbursed or effectively reimbursed
(whether by way of adjustment of the non-licence
consideration (if any) or otherwise) by the company (“the
other company”) to whom the disposal is made (whether
before, on or after the date of the disposal).

(2) 30The expenditure is to be treated for the purposes of this Act as
expenditure —

(a) incurred by the other company on the licence immediately
after the disposal, and

(b) which falls within section 38(1)(b).

3 (1) 35Section 196 of that Act (interpretation of sections 194 to 195E) is amended as
follows.

(2) In the heading, for “195E” substitute “195F”.

(3) In subsection (1B), for “195E” substitute “195F”.

(4) In subsection (5)—

(a) 40for “195E” substitute “195F”, and

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