407 Acquisition of mineral asset owned by previous trader
Capital Allowances Act 2001 (2001 c 2) | Legislation

Chapter 4
Qualifying Expenditure: Second-hand Assets

Assets reflecting expenditure on mineral exploration and access

407  Acquisition of mineral asset owned by previous trader

(1)     This section applies if—

(a)     a person carrying on a mineral extraction trade (“the buyer”) incurs capital expenditure on acquiring a mineral asset (“asset X”) for the purposes of that trade, and

(b)     the conditions in subsection (3) are met.

(2)     In this section “the buyer's expenditure” means the expenditure referred to in subsection (1)(a), less any

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