Capital Allowances Act 2001 section 103

Writing-down allowances

Section 103 modifies the standard writing-down allowance rules for mineral extraction expenditure incurred before 6th November 1962, reducing the annual rate and extending the period over which allowances are given.

• Applies specifically to mineral extraction expenditure incurred before 6th November 1962
• The writing-down period is extended from the standard 25 years to 50 years
• The annual writing-down allowance rate is halved from 4% to 2%
• The overall total relief remains the same but is spread over a longer period