Part 4Property income
Chapter 7Rent receivable in connection with a UK section 39(4) concern
Mineral royalties
274Meaning of “mineral lease or agreement” and “mineral royalties”
(1)
In this Chapter “mineral lease or agreement” means—
(a)
a lease, profit à prendre, licence or other agreement conferring a right to win and work minerals in the United Kingdom,
(b)
a contract for the sale, or a conveyance, of minerals in or under land in the United Kingdom, and
(c)
a grant of a right under section 1 of the Mines (Working Facilities and Support) Act 1966 (c. 4) other than an ancillary right (within the meaning of that Act).
(2)
In this Chapter “mineral royalties” means so much of any rent receivable under a mineral lease or agreement as relates to the winning and working of minerals.
(3)
For the purposes of this section and section 276 “minerals” means all minerals and substances in or under land which are ordinarily worked for removal—
(a)
by underground working, or
(b)
by surface working,
but excluding water, peat, top-soil and vegetation.