45(1)Section 201 of TCGA 1992 (mineral leases: royalties) is repealed.U.K.
(2)In consequence of the provision made by sub-paragraph (1), in section 203 of TCGA 1992—
(a)in subsection (1), for “sections 201 and 202” substitute “ section 202 ”, and
(b)in the heading, for “sections 201 and 202” substitute “ section 202 ”.
(3)The amendments made by this paragraph have effect—
(a)for the purposes of capital gains tax, in relation to mineral royalties which a person is entitled to receive on or after 6 April 2013, and
(b)for the purposes of corporation tax in respect of chargeable gains, in relation to mineral royalties which a company is entitled to receive on or after 1 April 2013.
46(1)Section 202 of TCGA 1992 (mineral leases: capital losses) is amended as follows.U.K.
(2)In subsection (1)—
(a)after “currency of a mineral lease or agreement” insert “ entered into before the relevant date ”, and
(b)after “in relation to a mineral lease or agreement” insert “ entered into before that date ”.
(3)After that subsection insert—
“(1A)For the purposes of this section “the relevant date” means—
(a)for the purposes of capital gains tax, 6 April 2013; and
(b)for the purposes of corporation tax in respect of chargeable gains, 1 April 2013.”
(4)In subsection (3), after “termination of a mineral lease or agreement” insert “ entered into before the relevant date ”.
47U.K.In section 203 of TCGA 1992 (provisions supplementary to sections 201 and 202), in subsection (1), for “as they apply for the interpretation of Chapter 7 of Part 4 of CTA 2009” substitute “ (despite their repeal by paragraph 44(1)(c) of Schedule 39 to the Finance Act 2012) ”.