Commentary on Sections Overview Overview Section 62: Limit on deductions if tenant entitled to mineral extraction allowance
258.This section prevents a double deduction where a tenant is entitled under section 403 of CAA to an allowance in respect of qualifying expenditure on acquiring a mineral asset. It is based on section 87(7) of ICTA.
259.Section 87(7) of ICTA refers to an allowance for “any chargeable period”. Section 832 of ICTA defines chargeable period (other than in the case of an accounting period of a company) as a year of assessment. So this section refers instead to an allowance for “a tax year”.