Corporation Tax Act 2009

39 Profits of mines, quarries and other concerns U.K.

(1) Profits or losses arising out of land in the case of a concern to which this section applies are calculated as if the concern were a trade.

(2) Any profits arising out of the land are treated for the purposes of [F1 section] 35 as profits of a trade.

(3) Any losses arising out of the land are treated for the purposes of [F2 Chapter 2 of Part 4 of CTA 2010 (trade loss relief), F3 ... Part 5 of that Act (group relief) [F4 and Part 5A of that Act (group relief for carried forward losses)],] as losses of a trade carried on in the United Kingdom.

(4) The concerns to which this section applies are—

(a) mines and quarries (including gravel pits, sand pits and brickfields),

(b) ironworks, gasworks, salt springs or works, alum mines or works, waterworks and streams of water,

(c) canals, inland navigation, docks and drains or levels,

(d) rights of fishing,

(e) rights of markets and fairs, tolls, bridges and ferries,

(f) railways and other kinds of way, and

(g) a concern of the same kind as one specified in paragraph (b), (c), (d) or (e).

(5) But this section does not apply to a concern—

(a) if it is carried on by an insurance company on land which is an asset [F5 held by the company for the purposes of its long-term business], or

(b) if section 38 (commercial occupation of land other than woodlands) applies to the occupation of the land out of which the profits or losses arise.

Textual Amendments

F1 Word in s. 39(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 310 (with Sch. 9 paras. 1-9, 22)

F2 Words in s. 39(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 592 (with Sch. 2)

F3 Word in s. 39(3) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 129(a)

F4 Words in s. 39(3) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 129(b)

F5 Words in s. 39(5)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 141