Capital Allowances Act 2001 (c. 2)

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 7 U.K. Supplementary provisions

432 Giving effect to allowances and charges U.K.

An allowance or charge to which a person is entitled or liable under this Part is to be given effect in calculating the profits of that person’s mineral extraction trade, by treating—

(a) the allowance as an expense of the trade, and

(b) the charge as a receipt of the trade.