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HMRC internal manual

Capital Allowances Manual

MEA: Scope of Relief: Commencement of trading

The guidelines at BIM62015 should be referred to on the date of commencement of a trade of mineral extraction.

Exploration by itself is regarded as a non-trading or pre-trading activity.

Relief is available from the commencement of trading to persons previously involved in exploration only - and who were therefore not carrying on a trade of mineral extraction when the expenditure was incurred (CAA01/S400 (2), S401, and S402).