55 Mines, quarries and other concerns.U.K.
(1)[F1profits] arising out of land in the case of any concern specified in subsection (2) below shall be charged to [F2corporation] tax under Case I of Schedule D.
(2)The concerns are—
(a)mines and quarries (including gravel pits, sand pits and brickfields);
(b)ironworks, gasworks, salt springs or works, alum mines or works (not being mines falling within the preceding paragraph) and waterworks and streams of water;
(c)canals, inland navigation, docks and drains or levels;
(d)fishings;
(e)rights of markets and fairs, tolls, bridges and ferries;
(f)railways and other ways;
(g)other concerns of the like nature as any of the concerns specified in paragraphs (b) to (e) above.
[F3(3)Subsection (1) does not apply in relation to any concern carried on by an insurance company on land which is an asset of the company's long-term insurance fund.]
Textual Amendments
F1Word in s. 55(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F2Word in s. 55(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 33 (with Sch. 2)
F3S. 55(3) inserted (with effect in accordance with Sch. 17 para. 28(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 28(2)