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Capital Allowances Act 2001
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403 Qualifying expenditure on acquiring a mineral assetU.K.
This section has no associated Explanatory Notes
(1)Expenditure on acquiring a mineral asset is qualifying expenditure if—
(a)it is capital expenditure, and
(b)it is incurred for the purposes of a mineral extraction trade.
(2)Subsection (1) is subject to—
section 404 (exclusion of undeveloped market value of land), and
section 406 (reduction where premium relief previously allowed).
[F1(2A)For the purposes of this section the reference to expenditure on acquiring a mineral asset does not include expenditure incurred on the restoration of a relevant site (within the meaning of section 416 or 416ZA).]
(3)In this Chapter “the buyer”, in relation to the acquisition of a mineral asset, means the person acquiring it.
Textual Amendments
F1S. 403(2A) inserted (with effect in accordance with s. 92(10) of the amending Act) by Finance Act 2013 (c. 29), s. 92(3)
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