Section 421 | Disposal of, or ceasing to use, asset

(1)This section applies if—

(a)a person has incurred qualifying expenditure on providing assets (including the construction of works), and

(b)any of those assets—

(i)is disposed of, or

(ii)permanently ceases to be used by him for the purposes of a mineral extraction trade (whether because of the discontinuance of the trade or for any other reason).

(2)The person is required to bring the disposal value of the asset into account for the chargeable period in which the disposal or cessation occurs.