Section 403 | Qualifying expenditure on acquiring a mineral asset

(1)Expenditure on acquiring a mineral asset is qualifying expenditure if—

(a)it is capital expenditure, and

(b)it is incurred for the purposes of a mineral extraction trade.

(2)Subsection (1) is subject to—

(2A)For the purposes of this section the reference to expenditure on acquiring a mineral asset does not include expenditure incurred on the restoration of a relevant site (within the meaning of section 416 or 416ZA).^F1

(3)In this Chapter “the buyer”, in relation to the acquisition of a mineral asset, means the person acquiring it.