67 Mineral extraction allowances: activities not within charge to tax
Finance Act 2014 (2014 c 26) | Legislation

67  Mineral extraction allowances: activities not within charge to tax

(1)     CAA 2001 is amended as follows.

(2)     In section 394(2) (meaning of mineral extraction trade), after “deposits” insert “but to the extent only that the profits or gains from that trade are, or (if there were any) would be, chargeable to tax”.

(3)     In section 399 (expenditure excluded from being qualifying expenditure), after subsection (1) insert—

“(1A)     Expenditure incurred by a person for the purposes of a mineral extraction trade is not qualifying expenditure if—

(a)     when the expenditure is incurred, the person is carrying on the trade but the trade is not at that time a mineral extraction trade, or

(b)     the person has not begun to carry on the trade when the expenditure is incurred and, when the person begins to carry on the trade, the trade is not a mineral extraction trade.

(1B)     Section 577(2) (references to commencement etc of a trade) does not apply to subsection (1A).”

(4)     In section 160 (expenditure treated as incurred for purposes of mineral extraction trade)—

(a)     the existing text becomes subsection (1), and

(b)     after that subsection insert—

“(2)     Subsection (1) does not apply to expenditure if—

(a)

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