Section CU 11 — Income Tax Act 2007: Meaning of asset for sections CU 3 to CU 10

CU 11 Meaning of asset for sections CU 3 to CU 10 Mining company’s share or interest in asset (1) Sections CU 3 to CU 10 apply to a share or interest that a mining company has in an asset— (a) to the extent to which the mining company acquired the share or interest by incurring— (i) mining exploration expenditure or mining development expenditure; or (ii) the exploration expenditure or development expenditure referred to in section DZ 12(2)(a) (Mineral mining: 1954–2005); and (b) to the extent to which the mining company uses the share or interest for the purpose of deriving income from mining. Partner’s share or interest in asset [Repealed] (2) [Repealed] Replaced or repaired asset (3) For the purposes of sections CU 3 to CU 10 ,— (a) an asset that a mining company acquires by incurring expenditure in replacing or repairing the asset is the same asset as the one that was lost, destroyed, or damaged: (b) part of an asset that a mining company acquires by incurring expenditure in repairing the asset is part of the asset that was damaged. Defined in this Act: asset , income from mining , mining company , mining development expenditure , mining exploration expenditure , Compare: 2004 No 35 s CU 11 Section CU 11(2) heading: repealed, on 1 April 2008, by section 6(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section CU 11(2): repealed, on 1 April 2008, by section 6(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).