Related Commentary  Related HMRC Manuals

428(1)  A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if–

(a)in that chargeable period he permanently ceases to work particular mineral deposits, and

(b)the qualifying expenditure is expenditure incurred–

(i)on mineral exploration and access relating solely to those deposits, or

(ii)on acquiring a mineral asset consisting of those deposits or part of them.

428(2)  If the person carrying on the mineral extraction trade is entitled to two or more mineral assets which at any time were–

(a)comprised in a single mineral asset, or

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