Part 5

Mineral extraction allowances
Chapter 6

Allowances and charges

Cases in which a person is entitled to a balancing allowance

Giving up exploration, search or inquiry
427
A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if—
a
the qualifying expenditure is expenditure on mineral exploration and access,
b
he gives up the exploration, search or inquiry to which the expenditure related in that chargeable period, and
c
he does not then or later carry on a mineral extraction trade which consists of or includes the working of mineral deposits to which the expenditure related.
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