Income and Corporation Taxes Act 1988 (c. 1)

PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER VIII U.K. MISCELLANEOUS AND SUPPLEMENTAL

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

[F1 M1 (1) F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(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

F1 S. 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)

F2 S. 121(1) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 105, Sch. 3 (with Sch. 2)

Marginal Citations

M1 Source—1970 s.158(1), (2)