Section 541 Mineral extraction

(1)

This section is about contribution allowances under Part 5 and applies if—

(a)

the general conditions for contribution allowances are met, and

(b)

C’s contribution is made for the purposes of a trade carried on, or to be carried on, by C.

(2)

C is to be treated for the purposes of allowances under Part 5 as if—

(a)

the contribution were expenditure incurred by C on the provision, for the purposes of C’s trade, of an asset similar to that provided by means of C’s contribution, and

(b)

the asset were at all material times in use for the purposes of C’s trade.

Notes on Contribution allowances under Parts 2, 2A, 3, 4 and 5

Textual amendments

F1: Words in s. 537(1) cross-heading substituted (with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 5; S.I. 2007/949, art. 2
F2: Word in s. 537 cross-heading inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 3(10)(d)