Part 5

Mineral extraction allowances
Chapter 5A

First-year qualifying expenditure

Supplementary

Time when expenditure is incurred
416C
1
In determining whether expenditure is first-year qualifying expenditure under this Chapter, any effect of the provisions specified in subsection (2) on the time at which the expenditure is to be treated as incurred is to be disregarded.
2
The provisions are—
a
section 400(4) (which treats certain pre-trading expenditure as incurred on the first day of trading), and
b
section 434 (which treats certain other expenditure incurred for the purposes of a trade about to be carried on as incurred on that day).
Pt. 5 Ch. 5A inserted (with effect as mentioned in s. 63 of the amending Act) by Finance Act 2002 (c. 23), s. 63, Sch. 21 para. 9
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