Related Commentary  Related HMRC Manuals

430(1)  A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if–

(a)the qualifying expenditure was incurred on the provision of any assets, and

(b)in that chargeable period any of those assets–

(i)is disposed of, or

(ii)otherwise permanently ceases to be used by him for the purposes of the mineral extraction trade.

430(2)  A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if any of the following events occurs in that chargeable period in relation to assets representing the qualifying expenditure–

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