VATLP02740 - Supply: place of supply and liability of exploration and production licences in the UK oil industry: VAT liability of oil licences supplied in the UK

Any grant or assignment of a licence relating to land within the UK or its territorial waters is taxable unless the agreement has all the characteristics of a 鈥榣easing or letting of immovable property鈥� (see VATLP05700) or is a 鈥榬ight over land鈥� (see paragraph 2.4, ), in which case it is exempt (unless there is an option to tax).