Part 3 U.K. Property income

Chapter 8 U.K. Rent receivable in connection with a UK section 12(4) concern

Management expenses of owner of mineral rights U.K.

339 Deduction for management expenses of owner of mineral rights U.K.

(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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

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)