Finance Act 1986

Defined terms

1 (1) In this Schedule—

• "development" and "development order" have the meaning assigned to them by the relevant planning enactment;

• "mineral asset" means any mineral deposits or land comprising mineral deposits, or any interest in or right over such deposits or land;

• "mineral exploration and access" means searching for or discovering and testing the mineral deposits of any source or winning access to any such deposits;

• "planning permission" has the meaning assigned to it by the relevant planning enactment;

• "pre-trading expenditure on machinery or plant" shall be construed in accordance with paragraph 5 below;

• "pre-trading exploration expenditure" shall be construed in accordance with paragraph 6 below;

• "qualifying expenditure" shall be construed in accordance with Parts II and IV of this Schedule;

• "the relevant planning enactment" means—

  (a)

  in relation to land in England and Wales, section 290(1) of the [1971 c. 78.] Town and Country Planning Act 1971;

  (b)

  in relation to land in Scotland, section 275(1) of the [1972 c. 52.] Town and Country Planning (Scotland) Act 1972; and

  (c)

  in relation to land in Northern Ireland, Article 2(2) of the [S.I. 1972/1634 (N.I. 17).] Planning (Northern Ireland) Order 1972;

• "source of mineral deposits" includes a mine, an oil well and a source of geothermal energy; and

• "trade of mineral extraction" means a trade which consists of or includes the working of a source of mineral deposits.

(2) Any reference in this Schedule to mineral deposits is a reference to mineral deposits of a wasting nature and, in the case of a mineral asset which consists of or includes an interest in or right over mineral deposits or land, the asset shall not be regarded as situated in the United Kingdom unless the deposits or land are or is so situated.

(3) Any reference in this Schedule to assets representing any expenditure includes, in relation to expenditure on mineral exploration and access, any results obtained from any search, exploration or inquiry upon which the expenditure was incurred.

(4) Any reference in this Schedule to a chargeable period or its basis period is a reference to a chargeable period or, as the case may be, basis period beginning (or treated by virtue of section 55 of this Act as beginning) on or after 1st April 1986.