Section 137 — Corporation Tax Act 2009: Mineral exploration and access

Mineral exploration and access 137 1 This section applies for the purpose of calculating the profits of a trade if—

a the company carrying on the trade incurs expenditure on mineral exploration and access in an area or group of sands, and b the presence of mineral deposits in commercial quantities has already been established in that area or group of sands.

2 A deduction is allowed for the expenditure only if a deduction would have been allowed for it if the presence of mineral deposits in commercial quantities had not already been established in that area or group of sands.

3 In this section “ mineral exploration and access ” has the same meaning as in Part 5 of CAA 2001 (see section 396(1) of that Act).