Part 5 Mineral extraction allowances
Chapter 3 Qualifying expenditure on acquiring a mineral asset
403 Qualifying expenditure on acquiring a mineral asset
1
Expenditure on acquiring a mineral asset is qualifying expenditure if—
a
it is capital expenditure, and
b
it is incurred for the purposes of a mineral extraction trade.
2
Subsection (1) is subject to—
section 404 (exclusion of undeveloped market value of land), and
section 406 (reduction where premium relief previously allowed).
3
In this Chapter “the buyer”, in relation to the acquisition of a mineral asset, means the person acquiring it.