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(a) in section 670 by substituting the following for subsection (14):

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(e) any allowances in respect of any such trade under Part 9, section 670, Chapter 1 of Part 29 or subsection (1) or (2) of section 765, which under section 307 are to be made in taxing the trade for the purpose of corporation tax for any accounting period in the specified period,

(a) allowances and charges provided for in Part 9, section 670, Chapter 1 of Part 29 and sections 765 and 769, or any other provision of the Tax Acts relating to the making of allowances or charges under or in accordance with that Part or Chapter or those sections, and

(2) A reference in Chapter 1 of Part 24 to the Minister for the Marine and Natural Resources shall—

(2) A reference in Chapter 1 of Part 24 to the Minister for the Marine and Natural Resources shall—

(3) A reference in Chapter 2 of Part 24 to the Minister for the Marine and Natural Resources shall—

(2) The amount of the credit return shall not be regarded as expenditure on an asset for the purpose of an allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9.

(4) The finance undertaking shall not be entitled to any allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9, in respect of expenditure incurred on assets acquired for the purpose of entering into a credit transaction.

(5) Where an asset is acquired by a borrower under a credit transaction, in the circumstances referred to in paragraph (c)(i) of the definition of “credit transaction” in section 267N, the borrower shall be deemed to have acquired the full interest in that asset for the purpose of claiming any allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9.

(7) The acquisition of an asset by the borrower, in the circumstances referred to in paragraph (c)(III) of the definition of “credit transaction” in section 267N, shall not be construed as expenditure on an asset for the purpose of claiming any allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9.

(3) The owner of the investment certificate shall not be entitled to an allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9 in respect of expenditure on the assets held by the qualifying company.

(c) any expenditure in respect of which an allowance is or may be made for the same or for any other chargeable period under section 670 or 765(1).

(d) sections 670 and 672 to 678,

(b) section 670,

(b) that person or any person connected with that person uses for the purposes of such person’s trade assets which belong to the company and in respect of which there is made to the company any of the allowances specified in Chapter 2 of Part 9 or section 670, 673, 674, 677, 680 or 765,

“mine development allowance” has the same meaning as in section 670;

(1) Subject to subsections (2) and (3), where a person carrying on the trade of working a qualifying mine incurs on or after the 6th day of April, 1974, any development expenditure or exploration expenditure and makes application under section 670 for a mine development allowance for a chargeable period in respect of such expenditure—

(c) in relation to a case in which this section has applied, any reference in the Tax Acts to an allowance made under section 670 shall be construed as including a reference to an allowance made under that section by virtue of this section.

(1) Where a person carrying on the trade of working a qualifying mine incurs on or after the 6th day of April, 1974, and before 1 January 2011, exploration expenditure in relation to which section 673 applies, there shall, in addition to any mine development allowance made in respect of such expenditure, be made to the person in taxing the trade for the chargeable period for which such mine development allowance is made an allowance (which shall be known as an “exploration investment allowance”) equal to 20 per cent of such expenditure, and section 670(6) shall apply to an exploration investment allowance as it applies to a mine development allowance.

(4)(a) Any asset representing exploration expenditure in respect of which an allowance or deduction has been made to a company by virtue of subsection (2) and section 673 shall for the purposes of section 670(11) be treated as an asset representing capital expenditure incurred in connection with the mine which the company is deemed to be working by virtue of subsection (2), and the company shall not cease to be deemed to be carrying on the trade of working that mine, so as to be within the charge to corporation tax in respect of that trade, before any sale of such an asset in the event of such a sale.

(1) Where a person carrying on the trade of working a qualifying mine incurs after the 31st day of March, 1974, capital expenditure on the acquisition of a scheduled mineral asset entitling such person to work deposits of scheduled minerals and in connection with that trade commences to work those deposits, such person shall be entitled to mine development allowances under section 670 in respect of that capital expenditure to the extent that such person would have been entitled to such allowances if that capital expenditure had been capital expenditure incurred in the development of the mine, but section 673 shall not apply in respect of any such expenditure.

(c) section 670,

(12) References to capital expenditure in Part 9 and in section 670, Chapter 1 of Part 29 and sections 763 to 765 shall be deemed not to include references to expenditure which is exploration expenditure, and exploration expenditure shall be deemed not to be expenditure on know-how for the purposes of section 768.

(8) References to capital expenditure in Part 9 and in section 670, Chapter 1 of Part 29 and sections 763 to 765 shall be deemed not to include references to expenditure which is abandonment expenditure; but subsections (1) and (2) of section 316 and sections 317(2) and 320(5) shall, with any necessary modifications, apply for the purposes of this section as they apply for the purposes of Part 9 and Chapter 1 of Part 29.

(a) in respect of those assets, is entitled to any allowance under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9, and

“threshold amount” in relation to a group of companies means the aggregate of allowances granted to all companies which are members of that group in respect of expenditure incurred on specified assets under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9 for the threshold period;

(b) the company will not be entitled to any allowance in respect of expenditure incurred on assets which are the subject of relevant short-term leases under Part 9, section 670, Part 29 or any other provision of the Tax Acts relating to the making of allowances in accordance with Part 9, and

(V)section 670(12), applies,