Point in time view as at 06/04/2024.
Capital Allowances Act 2001, Section 414 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Expenditure is qualifying expenditure if—
(a)it is capital expenditure on constructing works in connection with the working of a source of mineral deposits,
(b)it is incurred for the purposes of a mineral extraction trade, and
(c)the works—
(i)are likely to be of little or no value, when the source is no longer worked, to the last person working the source, or
(ii)if the source is worked under a foreign concession, are likely to become valueless, when the concession ends, to the last person working the source under the concession.
(2)For the purposes of subsection (1), expenditure on constructing works does not include expenditure on acquiring the site of the works or any right in or over the site.
(3)In subsection (1)(c) “foreign concession” means a right or privilege granted by the government of, or any municipality or other authority in, a territory outside the United Kingdom.
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