C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 9Trade profits: other specific trades
Mineral exploration and access
137Mineral exploration and access
1
This section applies for the purpose of calculating the profits of a trade if—
a
the company carrying on the trade incurs expenditure on mineral exploration and access in an area or group of sands, and
b
the presence of mineral deposits in commercial quantities has already been established in that area or group of sands.
2
A deduction is allowed for the expenditure only if a deduction would have been allowed for it if the presence of mineral deposits in commercial quantities had not already been established in that area or group of sands.
3
In this section “mineral exploration and access” has the same meaning as in Part 5 of CAA 2001 (see section 396(1) of that Act).
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)