Related Commentary  Related HMRC Manuals

402(1)  This section applies if–

(a)a person incurs pre-trading expenditure on the provision of plant or machinery for mineral exploration and access,

(b)the plant or machinery was used in connection with mineral exploration and access at a source, and

(c)before the first day of trading, the plant or machinery is sold, demolished, destroyed or abandoned.

402(2)  The amount of the expenditure (“pre-trading expenditure on plant or machinery” ) that is qualifying expenditure depends on whether mineral exploration and access is continuing at the source on the first day of trading.

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