Related Commentary  Related HMRC Manuals

407(1)  This section applies if–

(a)a person carrying on a mineral extraction trade (“the buyer” ) incurs capital expenditure on acquiring a mineral asset (“asset X” ) for the purposes of that trade, and

(b)the conditions in subsection (3) are met.

407(2)  In this section “the buyer’s expenditure”  means the expenditure referred to in subsection (1)(a), less any amount which, under section 404 (exclusion of undeveloped market value of land), is not qualifying expenditure on the acquisition of the mineral asset.

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