OT26345 - Capital allowances: mineral extraction allowance - definition of mineral exploration and access
CAA2001\S396
This is defined at CAA2001\S396 as 바카라 사이트śsearching for or discovering and testing the mineral deposits of a source바카라 사이트ť or 바카라 사이트świnning access to any such deposits바카라 사이트ť. A source of mineral deposits includes an oil well, a mine and a source of geothermal energy (CAA2001\S394(5)). Thus it includes most capital expenditure on exploration and appraisal.
Most exploration and appraisal is also research and development for the purposes of this part of the Capital Allowances Act (CAA2001\S437(2)(b)) and, as such, companies may make a claim for Research and Development Allowances and may choose between appropriate capital allowances claims (see OT26305).
Provisions ensure that there can be no double claims.