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(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,

(1) In this section and in sections 673 to 683, except where otherwise provided or the context otherwise requires—

(2) Except where provided for in sections 674 to 676, expenditure shall not be regarded for the purposes of this section and sections 673 to 683 as having been incurred by a person carrying on the trade of working a qualifying mine in so far as the expenditure has been or is to be met directly or indirectly out of moneys provided by the Oireachtas or by any other person (not being a person who has carried on the trade of working that mine).

(3) Where a person commences to carry on the trade of working a qualifying mine but has not incurred the exploration expenditure incurred in connection with that mine, no allowance shall be made under this section or by virtue of section 673 in respect of exploration expenditure incurred by that person before the date on which that person commences to carry on that trade.

(1) Subject to subsection (2), where exploration expenditure, in respect of which an allowance may be claimed by virtue of section 673 or 674, or (as respects expenditure incurred on or after the 1st day of April, 1990) by virtue of section 673 as applied by section 679, is or has been incurred by a body corporate (in this section referred to as “the exploration company”) and—

(1) Subject to subsection (2), where exploration expenditure, in respect of which an allowance may be claimed by virtue of section 673 or 674, or (as respects expenditure incurred on or after the 1st day of April, 1990) by virtue of section 673 as applied by section 679, is or has been incurred by a body corporate (in this section referred to as “the exploration company”) and—

(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.

the company shall be deemed for the purposes of sections 673, 674(3), 677 and 678 and the other provisions of the Tax Acts, apart from section 672, subsections (1), (2) and (4) of section 674 and sections 675, 676, 680, 681, 682 and 683—

so that all allowances or charges to be made for an accounting period by virtue of this subsection and section 673, 677 or 678 shall be given effect by treating the amount of any allowance as a trading expense of that trade in the period and by treating the amount on which any such charge is to be made as a trading receipt of that trade in the period.

(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.