Section 339 Deduction for management expenses of owner of mineral rights

United Kingdom

(1)

This section applies if in a tax year—

(a)

a person lets a right to work minerals in the United Kingdom, and

(b)

the person pays a sum wholly and exclusively as an expense of management or supervision of the minerals in the tax year.

(2)

In calculating the amount of rent receivable in connection with a UK section 12(4) concern, a deduction is allowed for the sum for the tax year.

F1(3)

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Annotations

F1: S. 339(3) omitted (with effect in accordance with Sch. 39 para. 43(3) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 43(2)(a)(ii)