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Capital Allowances Act 2001
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Capital Allowances Act 2001, Section 413 is up to date with all changes known to be in force on or before 13 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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413 Transfers of mineral assets within group: supplementaryU.K.
This section has no associated Explanatory Notes
(1)For the purposes of section 412, a company is a group company in relation to another company if—
(a)it controls, or is controlled by, the other company, or
(b)both companies are under the control of another person.
(2)Section 412 does not apply if—
(a)section 410 (UK oil licences: limit is original licence payment) applies to the acquisition, or
(b)the acquisition is a sale in respect of which an election is made under section 569 (election to treat sale as being for an alternative amount).
(3)Section 412 applies regardless of section 568 (sales between connected persons etc., or to obtain tax advantage, treated as at market value).
(4)Section 412 does not affect any expenditure that is treated as qualifying expenditure on mineral exploration and access under—
section 407(5) (acquisition of mineral asset owned by previous trader), or
section 408(2) (acquisition of oil licence from non-trader).
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