Part 5

Mineral extraction allowances
Chapter 1

Introduction

Qualifying expenditure
395
1
In this Part “qualifying expenditure” means—
a
expenditure on mineral exploration and access which is qualifying expenditure under Chapter 2,
b
expenditure on acquiring a mineral asset which is qualifying expenditure under Chapter 3,
c
expenditure which is treated as qualifying expenditure on mineral exploration and access under section 407(5) or 408(2), and
d
expenditure which is qualifying expenditure under Chapter 5 (expenditure on works likely to become valueless and ... restoration expenditure).
But this is subject to subsections (2) and (3).
2
Expenditure is not qualifying expenditure if it is excluded from being qualifying expenditure by section 399.
3
Chapters 4 and 5 contain provisions limiting in certain cases the amount of expenditure which is qualifying expenditure.
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
Word in s. 395(1)(d) omitted (with effect in accordance with s. 92(10) of the amending Act) by virtue of Finance Act 2013 (c. 29), s. 92(2)
Words in s. 395(3) substituted (with effect in accordance with Sch. 32 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 32 para. 10