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Capital Allowances Act 2001
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160 Expenditure treated as incurred for purposes of mineral extraction tradeU.K.
This section has no associated Explanatory Notes
[F1(1)] For the purposes of this Part, expenditure incurred by a person—
(a)on the provision of plant or machinery for mineral exploration and access, and
(b)in connection with a mineral extraction trade carried on by him,
is to be treated as incurred for the purposes of that trade.
[F2(2)Subsection (1) does not apply to expenditure if—
(a)when it is incurred, the person is carrying on the trade but the trade is not at that time a mineral extraction trade, or
(b)when it is incurred, the person has not begun to carry on the trade and, when the person begins to carry on the trade, the trade is not a mineral extraction trade.
(3)Section 577(2) (references to commencement etc of a trade) does not apply to subsection (2).]
Textual Amendments
F1S. 160 renumbered as s. 160(1) (with effect in accordance with s. 67(8) of the amending Act) by Finance Act 2014 (c. 26), s. 67(4)(a)
F2S. 160(2)(3) inserted (with effect in accordance with s. 67(8) of the amending Act) by Finance Act 2014 (c. 26), s. 67(4)(b)
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