672 Interpretation (sections 672 to 683)

Summary

This section deals with definitions of terms and other interpretation matters relating to the remainder of the Chapter.

Details

Definitions

(1) “development expenditure”, “exploration expenditure” and “qualifying mine” are all defined in terms of a list of 14 scheduled minerals. While this is less than the 70 or so minerals covered by the mine development allowance (section 670 refers), the minerals listed cover most (if not all) of the types of mining currently carried on in the State. The 14 scheduled minerals are: lead, zinc, gold, silver, iron, copper, quartz, sulphur, serpentinous marble, manganese, barytes, felspar, soapstone and molybdenum.

“development expenditure” means not only capital expenditure on developing a qualifying mine and connected construction works, but also includes interest on money borrowed to meet such expenditure. However, it does not include the acquisition of the site of a mine, or the acquisition of mineral deposits or land comprising such deposits, or construction works related to further processing of the minerals extracted.

“exploration expenditure” means expenditure on searching for scheduled minerals (by drilling or otherwise) or on testing such deposits.

State grants

(2) Expenditure is not regarded as having been incurred by the claimant if it has been met either out of State funds or by another person.

Additions to list of scheduled minerals

(3) & (4) The list of scheduled minerals may be added to by way of regulations made by the Minister for Finance.

Relevant Date: Finance Act 2021