Section 92 | Expenditure On Site Restoration | Finance Act 2013 C29

92 Expenditure on site restoration

Finance Act 2013 (2013 c 29) | Legislation

92 Expenditure on site restoration

(1) Part 5 of CAA 2001 (mineral extraction allowances) is amended as follows.

(2) In section 395 (qualifying expenditure), in subsection (1)(d), omit “post-trading”.

(3) In section 403 (qualifying expenditure on acquiring a mineral asset), after subsection (2) insert—

“(2A) For the purposes of this section the reference to expenditure on acquiring a mineral asset does not include expenditure incurred on the restoration of a relevant site (within the meaning of section 416 or 416ZA).”

(4) In section 416 (expenditure on restoration within 3 years of ceasing to trade)—

(a) in subsections (1)(a) and (6)(a), before “mineral extraction trade” insert “relevant”;

(b) in subsection (5), at the end insert—

“But it does not include decommissioning any plant or machinery (within the meaning of section 163).”;

“(7A) Relevant mineral extraction trade” means a mineral extraction trade that is not a ring fence trade within the meaning of Part 8 of CTA 2010 (see section 277 of that Act).”;

(d) the heading of section 416 becomes “Non-ring fence trades: expenditure on restoration within 3 years of ceasing to trade”.

(5) In Chapter 5, after section 416 insert—