Capital Allowances Act 2001

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.