Part 4Property income
Chapter 7Rent receivable in connection with a UK section 39(4) concern
Management expenses of owner of mineral rights
272Deduction for management expenses of owner of mineral rights
(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.
(3)
This is subject to section 273 (relief in respect of mineral royalties).