Capital Allowances Act 2001 section 393J

Entitlement to writing-down allowances

Section 393J establishes who is entitled to claim writing-down allowances in respect of mineral extraction allowances, and the conditions that must be met.

• A person who owns a mineral asset at the end of a chargeable period and has qualifying expenditure in their available pool may claim a writing-down allowance for that period.
• The writing-down allowance is calculated as a percentage of the balance of qualifying expenditure in the pool, after adding any new expenditure and deducting any disposal receipts for that period.
• The person must be carrying on mineral extraction activities during the chargeable period to be entitled to the allowance.
• This provision was amended by Finance Act 2012, Schedule 39, paragraph 37.

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