403 Qualifying expenditure on acquiring a mineral assetU.K.
This section has no associated Explanatory Notes
(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.