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Finance Act 2014

Background Note

6.This section is being introduced following consultation to confirm the treatment of MEAs where the mineral extraction activity enters or ceases to be within the charge to UK tax.

7.There are a number of changes to existing legislation:

  • To confirm that for the purposes of MEAs a mineral extraction trade consists of an activity that is within the charge to UK tax.

  • To confirm that the activity of an exempt FPE is treated as a separate mineral extraction trade for the purposes of MEAs.

  • To align the treatment of MEAs with the existing principles for plant and machinery allowances; and

  • to confirm that notional allowances will be given automatically in calculating the profits or losses of the exempt FPE as if the exempt FPE were within the charge to UK tax.

8.The amendments made by this section are treated as having come into force from 1 April 2014 for corporation tax and 6 April 2014 for income tax.

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