Commentary

B3.419 First year allowances

Business tax
Business tax | Commentary

B3.419 First year allowances

Business tax | Commentary

The allowances

B3.419 First year allowances

The amount of first year allowance on first year qualifying expenditure (see B3.406A) allowable under the mineral extraction allowance provisions is 100%1. It is to be given for the chargeable period in which the qualifying expenditure is incurred2.

A first year allowance may be claimed for the whole or part of the first year qualifying expenditure3.

The first year allowance is subject to the rules which provide that a first year allowance is not to be given to the extent that it arises under a transaction which is attributable to arrangements where the main object,

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