Capital Allowances Act 2001 (c. 2)

Modifications etc. (not altering text)

C1 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

Part 5 U.K. Mineral extraction allowances

Chapter 6 U.K. Allowances and charges

Cases in which a person is entitled to a balancing allowance U.K.

426 Pre-trading expenditure U.K.

A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if—

(a) the expenditure is qualifying expenditure under—

(i) section 401(4) (pre-trading exploration expenditure where exploration etc. has ceased before first day of trading), or

(ii) section 402 (pre-trading expenditure on plant or machinery), and

(b) the first day of trading occurs in that chargeable period.