Subsections (2) and (3) apply for the purposes of this Part.
An amount of tax is related to a licence if the tax is in respect of profits or chargeable gains related to the licence.
Profits or chargeable gains are related to a licence if they are—
(a) profits from activities authorised by the licence,
(b) profits from activities carried on in connection with activities authorised by the licence, or
(c) profits from, or chargeable gains accruing on the disposal of, exploration or exploitation rights connected with—
(i) activities authorised by the licence, or
(ii) activities carried on in connection with activities authorised by the licence.
In this section—
(a) "designated area" means an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964,
(b) "exploration or exploitation activities" means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or a designated area,
(c) "exploration or exploitation rights" means rights to—
(i) assets to be produced by exploration or exploitation activities,
(ii) interests in such assets, or
(iii) the benefit of such assets,
(d) any reference to the disposal of exploration or exploitation rights includes a reference to the disposal of unlisted shares deriving their value, or the greater part of their value, directly or indirectly from such rights,
(e) "shares" includes—
(i) stock, and
(ii) securities not creating or evidencing a charge on assets,
(f) "unlisted shares" means shares that are not listed on a recognised stock exchange, and
(g) "recognised stock exchange" has the meaning given by section 1005(1) and (2) of ITA 2007.