Finance Act, 2001

Amendment of provisions relating to exploration and exploitation activities.

44.—The Principal Act is amended—

(a) in section 13 by the substitution for subsection (4) of the following:

“(4) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall, for the purpose of an assessment to income tax, be deemed to be the agent of that person.”,

(b) in section 567 by the substitution for subsection (3) of the following:

“(3) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall for the purpose of an assessment to capital gains tax be deemed to be the agent of that person.”,

and

(c) in Schedule 1 by the insertion after paragraph 6 of the following:

“Interpretation

7. In this Schedule a reference to a licence granted under the Petroleum and Other Minerals Development Act, 1960 , includes a reference to a lease granted under that Act.”.