Related Commentary  Related HMRC Manuals

406(1)  This section applies if–

(a)the mineral asset is or includes an interest in land, and

(b)for chargeable periods previous to the chargeable period for which the buyer first becomes entitled to an allowance under this Part in respect of the expenditure on acquiring the mineral asset, deductions are made under sections 60 to 67 of ITTOIA 2005 or under sections 62 to 67 of CTA 2009 (deductions in calculating trading profits where premiums etc. taxable).

406(2)  The amount of the expenditure on the acquisition of the mineral asset that is qualifying expenditure is reduced by–

D ×  E
T

where–

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