HC Deb 03 April 1963 vol 675 cc463-4

During last year's Finance Bill debates there was considerable support for the proposal that tax allowances should be granted to mineral operators in respect of sums laid out on the purchase of mineral-bearing land or rights to work minerals. I have decided to treat these minerals as stock in trade by giving an allowance in respect of United Kingdom minerals purchased for lump sums that are worked after today, whether acquired in the past or the future. The total allowances will not, of course, exceed the capital amount paid less any residual value, or, in the case of minerals acquired in the past, a due proportion of that amount corresponding to the future extractions. There will have to be detailed provisions in the Finance Bill to safeguard the Revenue against excessive allowances, and it will now be discussing the scheme with representatives of the industries concerned.