411 Assets generally: limit is residue of previous trader's qualifying expenditure
Capital Allowances Act 2001 (2001 c 2) | Legislation

411  Assets generally: limit is residue of previous trader's qualifying expenditure

(1)     This section applies if—

(a)     a person carrying on a mineral extraction trade (“the buyer”) incurs capital expenditure on acquiring an asset (“asset X”) for the purposes of that trade, and

(b)     expenditure was previously incurred on acquiring asset X or bringing it into existence by—

(i)     the person from whom the buyer acquired asset X, or

(ii)     an earlier owner of asset X,

in connection with a mineral extraction trade carried on by the person incurring that expenditure.

(2)     In this section “the buyer's expenditure”

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