Budget 2014 – Oil and Gas industries will be able to claim mineral extraction allowances on successful planning permission costs

Capital allowances are available for qualifying expenditure in respect of mineral extraction.  Expenditure relating to mineral exploration and access qualifies for relief at the rate of 25% p.a. (or 100% p.a. if in relation to oil and gas).  Expenditure relating to acquiring a mineral asset qualifies for relief at a rate of 10%.

Capital allowances are available for qualifying expenditure in respect of mineral extraction.  Expenditure relating to mineral exploration and access qualifies for relief at the rate of 25% p.a. (or 100% p.a. if in relation to oil and gas).  Expenditure relating to acquiring a mineral asset qualifies for relief at a rate of 10%.