Related Commentary  Related HMRC Manuals

400(1)  Expenditure on mineral exploration and access is qualifying expenditure if–

(a)it is capital expenditure, and

(b)it is incurred for the purposes of a mineral extraction trade.

400(2)  Expenditure on mineral exploration and access incurred by a person in connection with a mineral extraction trade which that person carries on then or subsequently is to be treated as incurred for the purposes of that trade.

400(3)  But pre-trading expenditure on mineral exploration and access is qualifying expenditure only to the extent provided by–

section 401 (pre-trading exploration expenditure), or

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