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 3 U.K. Qualifying expenditure on acquiring a mineral asset

403 Qualifying expenditure on acquiring a mineral asset U.K.

(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).

[F1 (2A) For the purposes of this section the reference to expenditure on acquiring a mineral asset does not include expenditure incurred on the restoration of a relevant site (within the meaning of section 416 or 416ZA).]

(3) In this Chapter “the buyer”, in relation to the acquisition of a mineral asset, means the person acquiring it.

Textual Amendments

F1 S. 403(2A) inserted (with effect in accordance with s. 92(10) of the amending Act) by Finance Act 2013 (c. 29), s. 92(3)