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This is the original version (as it was originally enacted).
(1)This section applies if—
(a)a person incurs pre-trading expenditure on the provision of plant or machinery for mineral exploration and access,
(b)the plant or machinery was used in connection with mineral exploration and access at a source, and
(c)before the first day of trading, the plant or machinery is sold, demolished, destroyed or abandoned.
(2)The amount of the expenditure (“pre-trading expenditure on plant or machinery”) that is qualifying expenditure depends on whether mineral exploration and access is continuing at the source on the first day of trading.
(3)If it is, so much of the pre-trading expenditure on plant or machinery as exceeds any relevant receipts is qualifying expenditure.
(4)If it is not, only so much of the pre-trading expenditure on plant or machinery as—
(a)was incurred within 6 years ending on the first day of trading, and
(b)exceeds any relevant receipts,
is qualifying expenditure.
(5)“Relevant receipts” means—
(a)if the plant or machinery is sold, the net proceeds to the person of the sale;
(b)if the plant or machinery is demolished or destroyed, the net amount received by the person for the remains of the plant or machinery, together with—
(i)any insurance money received by him in respect of the demolition or destruction, and
(ii)any other compensation of any description so received, so far as it consists of capital sums;
(c)if the plant or machinery is abandoned—
(i)any insurance money received by the person in respect of the abandonment, and
(ii)any other compensation of any description so received, so far as it consists of capital sums.
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