Part 2 Mineral Extraction Allowances
Finance Act 2002 (2002 c 23) | Legislation

Part 2 Mineral Extraction Allowances

Introductory

8

Part 5 of the Capital Allowances Act 2001 (c 2) (mineral extraction allowances) is amended as follows.

First-year qualifying expenditure

9

After section 416, insert the following Chapter—

“Chapter 5A
First-Year Qualifying Expenditure
General
416A
First-year allowances available for certain types of qualifying expenditure

A first-year allowance is not available unless the qualifying expenditure is first-year qualifying expenditure under section 416B (expenditure incurred wholly for purposes of a ring fence trade).

Types of expenditure which may qualify for first-year allowances
416B
Expenditure incurred by company for purposes of a ring fence trade

(1)     Expenditure is first-year qualifying expenditure if—

(a)     it is incurred on or after 17th April 2002,

(b)     it is incurred by a company,

(c)     it is incurred wholly for the purposes of a ring fence trade, and

(d)     it is not excluded by—

(i)     subsection (2) (acquisition of mineral asset), or

(ii)     subsection (3) (acquisition of asset representing expenditure of connected company).

(2)     Expenditure is not first-year qualifying expenditure under this section if it is expenditure on acquiring a mineral asset.

(3)     Expenditure is not first-year qualifying expenditure

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Title guarantee and covenants for title

On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.

LEXISNEXIS

Money laundering offences—tipping off and prejudicing an investigation

Money laundering offences—tipping off and prejudicing an investigationTipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of

LEXISNEXIS

Affray

AffrayAffray is an offence created by the Public Order Act 1986 (POA 1986). It can be tried in either the magistrates’ court or the Crown Court. The magistrates’ court may decline jurisdiction where for example in cases involving a weapon/throwing objects, or conduct that causes serious