Capital Allowances Act 1990 (repealed)

121 Interpretation of Part IV. U.K.

(1) In this Part—

• “development” and “development order” have the meanings given by the relevant planning enactment;

• “mineral asset” means any mineral deposits or land comprising mineral deposits, or any interest in or right over such deposits or land;

• “mineral exploration and access” means searching for or discovering and testing the mineral deposits of any source or winning access to any such deposits;

• “planning permission” has the meaning given by the relevant planning enactment;

• “pre-trading expenditure on machinery or plant” shall be construed in accordance with section 106;

• “pre-trading exploration expenditure” shall be construed in accordance with section 107;

• “qualifying expenditure” shall be construed in accordance with Chapters II and III of this Part;

• “the relevant planning enactment” means—

  (a)

  in relation to land in England and Wales, section 290(1) of the M1 Town and Country Planning Act 1971;

  (b)

  in relation to land in Scotland, [F1 section 277(1) of the Town and Country Planning (Scotland) Act 1997];

  (c)

  in relation to land in Northern Ireland, Article 2(2) of the Planning (Northern Ireland) [F2 Order 1991];

• “source of mineral deposits” includes a mine, an oil well and a source of geothermal energy; and

• “trade of mineral extraction” means a trade which consists of or includes the working of a source of mineral deposits.

(2) Any reference in this Part to mineral deposits is a reference to mineral deposits of a wasting nature and, in the case of a mineral asset which consists of or includes an interest in or right over mineral deposits or land, the asset shall not be regarded as situated in the United Kingdom unless the deposits or land are or is so situated.

(3) Any reference in this Part to assets representing any expenditure includes, in relation to expenditure on mineral exploration and access, any results obtained from any search, exploration or inquiry upon which the expenditure was incurred.

(4) Any reference in this Part to a chargeable period F3 ... is a reference to a chargeable period F3 ... beginning (or treated by virtue of section 55 of the M2 Finance Act 1986 as beginning) on or after 1st April 1986.

(5) The provisions of this Part apply in relation to a share in an asset of any description as, by virtue of section 161(7), they apply to a part of an asset; and, for the purposes of those provisions, a share in an asset of any description shall be deemed to be used for the purposes of a trade so long as, and only so long as, the asset is used for those purposes.

Textual Amendments

F1 Words in s. 121(1) substituted (27.5.1997) by Planning (Consequential Provisions) (Scotland) Act 1997 (c. 11), s. 6(2), Sch. 2 para. 45

F2 Words in s. 121(1) substituted (21.8.1991) by S.I.1991/1220 (N.I. 11), arts. 1(2), 133(1), Sch. 5

F3 Words in Act repealed (with effect in accordance with s. 211(2) of the amending Act) by Finance Act 1994 (c. 9), s. 213(1), Sch. 26 Pt. 5(24)

Marginal Citations

M1 1971 c. 78.

M2 1986 c. 41.