Excluded assets

TCGA92/SCH3/PARA7

Certain assets are excluded from this election:-

plant and machinery in respect of which capital allowances have or could have been given to the person making the disposal

assets used in connection with a trade of working mineral deposits in respect of which capital allowances have or could have been given to the person making the disposal

oil licences

shares which, on 31 March 1982, were unquoted and derived the greater part of their value directly or indirectly from oil exploration or exploitation assets situated in the UK or on the continental shelf (for disposals on or after 22 January 1990).

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