Critical minerals added to tax schedule, making prospecting expenses deductible under section 51 from April 2026. The amendment inserts nine additional minerals into Part A of Schedule XII so that expenditure on prospecting, exploration, extraction, production or development of mines for those minerals qualifies for deferred deduction treatment, thereby incentivising prospecting and exploration of specified critical minerals; the amendment takes effect from 1 April 2026 and applies to the tax year 2026-2027 and subsequent years.
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Critical minerals added to tax schedule, making prospecting expenses deductible under section 51 from April 2026.
The amendment inserts nine additional minerals into Part A of Schedule XII so that expenditure on prospecting, exploration, extraction, production or development of mines for those minerals qualifies for deferred deduction treatment, thereby incentivising prospecting and exploration of specified critical minerals; the amendment takes effect from 1 April 2026 and applies to the tax year 2026-2027 and subsequent years.
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