Taxes Consolidation Act 1997 section 682

Marginal mine allowance

Section 682 extends the marginal mine allowance concept to any qualifying mine, allowing the Minister for Finance to reduce or eliminate the tax charge on profits where a mine would otherwise cease to be worked.

• A "marginal mine" is a qualifying mine certified by the Minister for Communications, Energy and Natural Resources as unlikely to be worked or to continue to be worked if its profits were taxed in the normal way.
• The Minister for Finance, after consulting with the Minister for Communications, Energy and Natural Resources, may direct that the tax on the profits of a marginal mine be reduced to a specified amount, which can be nil.
• Where such a direction is made, a "marginal mine allowance" is given as a deduction, calculated at exactly the amount needed to reduce the tax charge to the figure specified by the Minister for Finance.
• The section applies to both income tax and corporation tax, with references to years of assessment and the Income Tax Acts reading as references to accounting periods and the Corporation Tax Acts respectively.