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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
    Version 1 of 1    

676. Expenditure incurred by person not engaged in trade of mining.

(1) Where -

(a) a person incurs exploration expenditure which results in the finding of a deposit of scheduled minerals, and

(b) without having carried on any trade which consists of or includes the working of that deposit and without any allowance or deduction under or by virtue of sections 672 to 683 having been made to the person in respect of that expenditure, the person sells any assets representing that expenditure to another person,

then, if that other person carries on such a trade in connection with that deposit, that other person shall for the purposes of sections 672 to 683 be deemed to have incurred, for the purposes of the trade and in connection with the deposit, exploration expenditure equal to the lesser of -

(i) the amount of the exploration expenditure represented by the assets, and

(ii) the price paid by that other person for the assets,

and that expenditure shall be deemed to have been incurred by that other person on the date on which that other person commences to

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