SCHEDULES
SCHEDULE 21

First-year allowances for expenditure wholly for a ring fence trade
Part 2

Mineral extraction allowances

Amount of allowances and charges: balancing charge for period in which expenditure incurred
12
1
Section 418 is amended as follows.
2
In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—
Where a person is liable to a balancing charge in respect of first-year qualifying expenditure for the chargeable period in which he incurred the expenditure, any first-year allowance made in respect of the expenditure shall be treated for the purposes of paragraph (b) as if it were an allowance for an earlier chargeable period.
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