Section 395 | Qualifying expenditure

(1)In this Part “qualifying expenditure” means—

(a)expenditure on mineral exploration and access which is qualifying expenditure under Chapter 2,

(b)expenditure on acquiring a mineral asset which is qualifying expenditure under Chapter 3,

(c)expenditure which is treated as qualifying expenditure on mineral exploration and access under section 407(5) or 408(2), and

(d)expenditure which is qualifying expenditure under Chapter 5 (expenditure on works likely to become valueless and ... restoration expenditure).But this is subject to subsections (2) and (3).^F1

(2)Expenditure is not qualifying expenditure if it is excluded from being qualifying expenditure by section 399.

(3)Chapters 4 and 5 contain provisions limiting in certain cases the amount of expenditure which is qualifying expenditure.^F2