Section 426 | Pre-trading expenditure

A person’s entitlement to an allowance for a chargeable period is to a balancing allowance if—

(a)the expenditure is qualifying expenditure under—

(i)section 401(4) (pre-trading exploration expenditure where exploration etc. has ceased before first day of trading), or

(ii)section 402 (pre-trading expenditure on plant or machinery), and

(b)the first day of trading occurs in that chargeable period.