Part 5

Mineral extraction allowances
Chapter 3

Qualifying expenditure on acquiring a mineral asset

Qualifying expenditure on acquiring a mineral asset
403
1
Expenditure on acquiring a mineral asset is qualifying expenditure if—
a
it is capital expenditure, and
b
it is incurred for the purposes of a mineral extraction trade.
2
Subsection (1) is subject to—
- section 404 (exclusion of undeveloped market value of land), and
- section 406 (reduction where premium relief previously allowed).
2A
For the purposes of this section the reference to expenditure on acquiring a mineral asset does not include expenditure incurred on the restoration of a relevant site (within the meaning of section 416 or 416ZA).
3
In this Chapter “the buyer”, in relation to the acquisition of a mineral asset, means the person acquiring it.
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
S. 403(2A) inserted (with effect in accordance with s. 92(10) of the amending Act) by Finance Act 2013 (c. 29), s. 92(3)