Chapter 7U.K.Rent receivable in connection with a UK section 39(4) concern
Charge to tax on rent receivable in connection with a UK section 39(4) concernU.K.
270Charge to tax on rent receivable in connection with a UK section 39(4) concernU.K.
The charge to corporation tax on income applies to rent receivable in connection with a UK section 39(4) concern.
271Meaning of “rent receivable in connection with a UK section 39(4) concern”U.K.
(1)For the purposes of this Chapter rent is receivable in connection with a UK section 39(4) concern if—
(a)it is receivable in respect of an estate, interest or right in or over land in the United Kingdom, and
(b)the estate, interest or right is used, occupied or enjoyed in connection with a concern listed in section 39(4).
(2)For the purposes of this Chapter rent is also receivable in connection with a UK section 39(4) concern if—
(a)it is receivable in respect of an estate, interest or right in or over land in the United Kingdom,
(b)the lease or other agreement under which it is receivable provides for its recoupment by reducing royalties or payments of a similar nature, and
(c)the reduction applies if the estate, interest or right is used, occupied or enjoyed in connection with a concern listed in section 39(4).
(3)In this Chapter “rent” includes—
(a)a receipt mentioned in section 207(3), and
(b)any other receipt in the nature of rent.
Management expenses of owner of mineral rightsU.K.
272Deduction for management expenses of owner of mineral rightsU.K.
(1)This section applies if in an accounting period—
(a)a company lets a right to work minerals in the United Kingdom, and
(b)the company pays a sum wholly and exclusively as an expense of management or supervision of the minerals in the accounting period.
(2)In calculating the amount of rent receivable in connection with a UK section 39(4) concern, a deduction is allowed for the sum for the accounting period.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 272(3) omitted (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 44(2)
Mineral royaltiesU.K.
F2273Relief in respect of mineral royaltiesU.K.
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Textual Amendments
F2Ss. 273-276 repealed (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 44(1)(c)
F2274Meaning of “mineral lease or agreement” and “mineral royalties”U.K.
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Textual Amendments
F2Ss. 273-276 repealed (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 44(1)(c)
F2275Extended meaning of “mineral royalties” etc in Northern IrelandU.K.
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Textual Amendments
F2Ss. 273-276 repealed (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 44(1)(c)
F2276Power to determine what counts as “mineral royalties”U.K.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Ss. 273-276 repealed (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 44(1)(c)