Part 4Loss relief

Chapter 2Trade losses

Terminal trade loss relief

93Mineral extraction trade and carry back of balancing allowances

1

This section applies if—

a

a person permanently ceases to carry on a mineral extraction trade, and

b

the person makes a claim for terminal trade loss relief and a claim in respect of a balancing allowance under section 355 of CAA 2001.

2

Terminal trade loss relief must be given before relief under section 355 of CAA 2001.

3

In giving effect to the terminal trade loss relief, the balancing allowance is to be ignored.

4

“Mineral extraction trade” has the same meaning as in Part 5 of CAA 2001 (see section 394 of that Act).