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

Part 5 U.K. Mineral extraction allowances

Chapter 1 U.K. Introduction

395 Qualifying expenditure U.K.

(1) In this Part “qualifying expenditure” means—

(a) expenditure on mineral exploration and access which is qualifying expenditure under Chapter 2,

(b) expenditure on acquiring a mineral asset which is qualifying expenditure under Chapter 3,

(c) expenditure which is treated as qualifying expenditure on mineral exploration and access under section 407(5) or 408(2), and

(d) expenditure which is qualifying expenditure under Chapter 5 (expenditure on works likely to become valueless and F1 ... restoration expenditure).

But this is subject to subsections (2) and (3).

(2) Expenditure is not qualifying expenditure if it is excluded from being qualifying expenditure by section 399.

(3) [F2 Chapters 4 and 5 contain] provisions limiting in certain cases the amount of expenditure which is qualifying expenditure.

Textual Amendments

F1 Word in s. 395(1)(d) omitted (with effect in accordance with s. 92(10) of the amending Act) by virtue of Finance Act 2013 (c. 29), s. 92(2)

F2 Words in s. 395(3) substituted (with effect in accordance with Sch. 32 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 32 para. 10