Part 6 Mineral Leases or Agreements
Finance Act 2012 (2012 c 14) | Legislation

Part 6 Mineral Leases or Agreements

Income tax

43

(1)     The following provisions of ITTOIA 2005 (which provide for income tax relief in relation to mineral royalties) are repealed—

(a)     section 157 (mineral royalties included as receipts of a trade),

(b)     section 319 (mineral royalties included as receipts of a UK property business), and

(c)     sections 340 to 343 (mineral royalties receivable in connection with mines, quarries and other concerns).

(2)     In consequence of the provision made by sub-paragraph (1)—

(a)     in ITTOIA 2005—

(i)     in section 337, omit the entry relating to section 340 (and the “and†before that entry), and

(ii)     in section 339, omit subsection (3), and

(b)     in CRCA 2005, in Schedule 4, omit paragraph 132(3)(a).

(3)

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