Point in time view as at 06/04/2024.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 401.
(1)This section applies if—
(a)a person incurs pre-trading expenditure on mineral exploration and access at a source, and
(b)the expenditure is not incurred on the provision of plant or machinery.
(2)The amount of the expenditure (“pre-trading exploration expenditure”) that is qualifying expenditure depends on whether mineral exploration and access is continuing at the source on the first day of trading.
(3)If it is, so much of the pre-trading exploration expenditure as exceeds any relevant receipts is qualifying expenditure.
(4)If it is not, only so much of the pre-trading exploration expenditure as—
(a)was incurred within 6 years ending on the first day of trading, and
(b)exceeds any relevant receipts,
is qualifying expenditure.
(5)“Relevant receipts” means capital sums received—
(a)by the person incurring the pre-trading exploration expenditure referred to in subsection (3) or (4), and
(b)before the first day of trading,
so far as they are reasonably attributable to that expenditure.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Mae’r holl gynnwys ar gael dan Drwydded Llywodraeth Agored v3.0 ac eithrio ble nodir yn wahanol. Yn ychwanegol mae’r safle hwn â chynnwys sy’n deillio o EUR-Lex, a ailddefnyddiwyd dan delerau Penderfyniad y Comisiwn 2011/833/EU ar ailddefnyddio dogfennau o sefydliadau’r UE. Am ragor o wybodaeth gweler ddatganiad cyhoeddus Swyddfa Gyhoeddiadau’r UE ar ailddefnyddio.
