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Changes over time for: Section 400
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Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 22/03/2001.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 400.
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Changes to Legislation
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400 Qualifying expenditure on mineral exploration and accessU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)Expenditure on mineral exploration and access is qualifying expenditure if—
(a)it is capital expenditure, and
(b)it is incurred for the purposes of a mineral extraction trade.
(2)Expenditure on mineral exploration and access incurred by a person in connection with a mineral extraction trade which that person carries on then or subsequently is to be treated as incurred for the purposes of that trade.
(3)But pre-trading expenditure on mineral exploration and access is qualifying expenditure only to the extent provided by—
section 401 (pre-trading exploration expenditure), or
section 402 (pre-trading expenditure on plant or machinery).
(4)Any pre-trading expenditure that is qualifying expenditure under either of those sections is to be treated as incurred on the first day of trading.
(5)In this Chapter—
(a)“pre-trading expenditure” means capital expenditure incurred before the day on which a person begins to carry on a mineral extraction trade, and
(b)“the first day of trading”, in relation to a person’s pre-trading expenditure, means the day on which that person begins to carry on the mineral extraction trade.
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