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PART IVU.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER VIIIU.K. MISCELLANEOUS AND SUPPLEMENTAL

121 Management expenses of owner of mineral rights.U.K.

[F1M1(1)Where for any year of assessment rights to work minerals in the United Kingdom are let, the lessor shall be entitled to deduct, in determining the amount chargeable to income tax in respect of the rents or royalties for that year, any sums wholly, exclusively and necessarily disbursed by him as expenses of management or supervision of those minerals in that year.]

(3)In computing for the purposes of corporation tax the income of a company for any accounting period from the letting of rights to work minerals in the United Kingdom, there may be deducted any sums disbursed by the company wholly, exclusively and necessarily as expenses of management or supervision of those minerals in that period.

Textual Amendments

F1S. 121(1) substituted for s. 121(1)(2) (with effect in accordance with s.145(3) of the amending Act) by Finance Act 1995 (c. 4), s. 145(2)

Marginal Citations

M1Source—1970 s.158(1), (2)