Capital Allowances Act 2001 section 332

Introduction

Section 332 introduces the chapter that explains how qualifying expenditure on mineral extraction is written off for capital allowances purposes.

• This section serves as the introduction to the chapter dealing with the writing off of qualifying expenditure under the mineral extraction allowances rules.
• Qualifying expenditure is written off only to the extent specified in the chapter — meaning there are defined limits on how much can be written off.
• The timing of when expenditure is treated as written off is also governed by the rules set out in the chapter.
• The writing-off rules are essential for determining the remaining balance of qualifying expenditure available for future allowances or balancing adjustments.