Related Commentary  Related HMRC Manuals

401(1)  This section applies if–

(a)a person incurs pre-trading expenditure on mineral exploration and access at a source, and

(b)the expenditure is not incurred on the provision of plant or machinery.

401(2)  The amount of the expenditure (“pre-trading exploration expenditure” ) that is qualifying expenditure depends on whether mineral exploration and access is continuing at the source on the first day of trading.

401(3)  If it is, so much of the pre-trading exploration expenditure as exceeds any relevant receipts is qualifying expenditure.

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