Part 7 Mineral Extraction Allowances
Capital Allowances Act 2001 (2001 c 2) | Legislation

Part 7 Mineral Extraction Allowances

Qualifying expenditure on acquiring a mineral asset

Qualifying expenditure where buildings or structures cease to be used

84

In section 405(3) “A†does not include, in cases where the buildings or structures have permanently ceased to be used for any purpose before 27th July 1989, the amount of any agricultural buildings allowances.

Qualifying expenditure: second-hand assets

Claims before 26th November 1996 in respect of acquisition of mineral asset owned by previous trader

85

Section 407(4) does not apply in relation to claims made before 26th November 1996.

Acquisition of oil licence from non-trader before 13th September 1995

86

Section 408 does not apply to acquisitions occurring before 13th September 1995.

Restrictions on qualifying expenditure in case of UK oil licence and certain other assets inapplicable for expenditure pre-16th July 1985

87

(1)     The sections listed in sub-paragraph (2) do not apply if—

(a)     asset X is a mineral asset situated in the United Kingdom, and

(b)     the capital expenditure incurred by the buyer consists of the payment of sums under a contract entered into by him before 16th July 1985.

(2)     The sections are—

(a)     section 407 (acquisition

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