Modifications etc. (not altering text)
C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Textual Amendments
F1Pt. 5 Ch. 5A inserted (with effect as mentioned in s. 63 of the amending Act) by Finance Act 2002 (c. 23), s. 63, Sch. 21 para. 9
(1)Expenditure is first-year qualifying expenditure if—
(a)it is incurred on or after 17th April 2002,
(b)it is incurred by a company,
(c)it is incurred wholly for the purposes of a ring fence trade, and
(d)it is not excluded by—
(i)subsection (2) (acquisition of mineral asset), or
(ii)subsection (3) (acquisition of asset representing expenditure of connected company).
(2)Expenditure is not first-year qualifying expenditure under this section if it is expenditure on acquiring a mineral asset.
(3)Expenditure is not first-year qualifying expenditure under this section if it is expenditure incurred by a company on the acquisition of an asset representing expenditure incurred by a company connected with that company.
(4)To the extent that references in this section to an asset representing expenditure incurred by a company include a reference to an asset representing expenditure on mineral exploration and access, they also include a reference to any results obtained from any search, exploration or inquiry on which any such expenditure was incurred.
(5) In this section “ ring fence trade ” means a ring fence trade in respect of which tax is chargeable under [F2section 330(1) of CTA 2010] (supplementary charge in respect of ring fence trades). ]
Textual Amendments
F2Words in s. 416B(5) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 355 (with Sch. 2)