Related Commentary  Related HMRC Manuals

410(1)  This section applies if a person carrying on a mineral extraction trade (“the buyer” ) incurs capital expenditure on acquiring a mineral asset which is a UK oil licence, or an interest in such a licence, for the purposes of that trade.

410(2)  If this section applies, the buyer’s expenditure is qualifying expenditure only to the extent that it does not exceed–

(a)the original licence payment, or

(b)if the mineral asset is an interest in a UK oil licence, such part of the original licence payment as it is just and reasonable to attribute to the interest.

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