Section GZ 1 — Income Tax Act 2007: Limitation on section GB 20: petroleum mining arrangements

GZ 1 Limitation on section GB 20: petroleum mining arrangements Section GB 20 (Arrangements involving petroleum mining) does not apply to an arrangement if— (a) the petroleum mining asset was disposed of before 1 July 1992: (b) the petroleum exploration expenditure was incurred before 1 July 1992: (c) the farm-out arrangement was entered into before 16 December 1991. Defined in this Act: arrangement , dispose , farm-out arrangement , petroleum mining asset , petroleum mining expenditure , Compare: 2004 No 35 s GD 12(1)