http://www.legislation.gov.uk/ukpga/2001/2/section/401/notesMineral extraction, mining, quarryingLegislationLegal servicesTaxCapital expenditureExplanatory Notes to Capital Allowances Act 2001Inland RevenueKing's Printer of Acts of Parliament2018-08-24
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2001/2" id="c00001" Class="UnitedKingdomPublicGeneralAct" Year="2001" Number="0002">Capital Allowances Act 2001</Citation>
2
22nd March 2001
Commentary on SectionsGlossary<CitationSubRef id="c02420" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/part/5" CitationRef="c00001" SectionRef="part-5">Part 5</CitationSubRef>: Mineral extraction allowances<CitationSubRef id="c02464" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/part/5/chapter/2" CitationRef="c02420" SectionRef="part-5-chapter-2">Chapter 2</CitationSubRef>: Qualifying expenditure on mineral exploration and access
<CitationSubRef id="c02480" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/section/401" CitationRef="c00001" SectionRef="section-401">Section 401</CitationSubRef>: Pre-trading exploration expenditure
1385
This section is based on section 107 of CAA 1990. It deals with mineral exploration and access expenditure, other than on plant or machinery, incurred before a person starts a mineral extraction trade.
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The section limits the qualifying expenditure if there are relevant receipts before the trade starts. It also limits qualifying expenditure if mineral exploration and access ceases at the source concerned before the trade starts.