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Income Tax (Trading and Other Income) Act 2005
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Changes over time for: Section 157
Version Superseded: 17/07/2012
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157Relief in respect of mineral royaltiesU.K.
This section has no associated Explanatory Notes
(1)This section applies for the purpose of calculating the profits of a trade if in a tax year a person who is UK resident, or ordinarily UK resident, carries on the trade the receipts of which include mineral royalties—
(a)which the person is entitled to receive under a mineral lease or agreement, and
(b)which are not chargeable to tax under Chapter 8 of Part 3 (rent receivable in connection with a UK section 12(4) concern) because of the priority rule in section 261.
(2)The person is treated as entitled to receive only half of the total of the mineral royalties arising under the lease or agreement in the tax year.
(3)Sections 341 to 343 (meaning of “mineral lease or agreement” and “mineral royalties”) apply for the purposes of this section as they apply for the purposes of Chapter 8 of Part 3.
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