Section 93 — Income Tax Act 2007: Mineral extraction trade and carry back of balancing allowances

Mineral extraction trade and carry back of balancing allowances 93 1 This section applies if—

a a person permanently ceases to carry on a mineral extraction trade, and b the person makes a claim for terminal trade loss relief and a claim in respect of a balancing allowance under section 355 of CAA 2001.

2 Terminal trade loss relief must be given before relief under section 355 of CAA 2001.

3 In giving effect to the terminal trade loss relief, the balancing allowance is to be ignored. 4 “ Mineral extraction trade ” has the same meaning as in Part 5 of CAA 2001 (see section 394 of that Act).