Version Superseded: 17/07/2012
Point in time view as at 06/04/2005. This version of this provision has been superseded.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 340.
(1)This section applies if in a tax year—
(a)a person who is UK resident, or ordinarily UK resident, is entitled to receive mineral royalties under a mineral lease or agreement, and
(b)the royalties are chargeable to tax under this Chapter.
(2)In calculating the amount of the royalties so chargeable, the person is treated as—
(a)entitled to receive only half of the total of the royalties arising under the lease or agreement in the tax year, and
(b)paying in the tax year only half of the total of the expenses mentioned in section 339(1)(b) (deduction for management expenses of owner of mineral rights).
(3)As to the meaning of “mineral lease or agreement” and “mineral royalties”, see sections 341 to 343.
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