QUALIFYING EXPENDITURE ON ACQUIRING A MINERAL ASSET

Qualifying expenditure where buildings or structures cease to be used

84  In section 405(3) “A” does not include, in cases where the buildings or structures have permanently ceased to be used for any purpose before 27th July 1989, the amount of any agricultural buildings allowances.

QUALIFYING EXPENDITURE: SECOND-HAND ASSETS

Claims before 26th November 1996 in respect of acquisition of mineral asset owned by previous trader

85  Section 407(4) does not apply in relation to claims made before 26th November 1996.

Acquisition of oil licence from non-trader before 13th September 1995

86  Section 408 does not apply to acquisitions occurring before 13th September 1995.

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