SCHEDULE 39Repeal of miscellaneous reliefs etc
PART 6Mineral leases or agreements
Income tax
43
(1)
The following provisions of ITTOIA 2005 (which provide for income tax relief in relation to mineral royalties) are repealed—
(a)
section 157 (mineral royalties included as receipts of a trade),
(b)
section 319 (mineral royalties included as receipts of a UK property business), and
(c)
sections 340 to 343 (mineral royalties receivable in connection with mines, quarries and other concerns).
(2)
In consequence of the provision made by sub-paragraph (1)—
(a)
in ITTOIA 2005—
(i)
in section 337, omit the entry relating to section 340 (and the “and” before that entry), and
(ii)
in section 339, omit subsection (3), and
(b)
in CRCA 2005, in Schedule 4, omit paragraph 132(3)(a).
(3)
The amendments made by this paragraph have effect in relation to mineral royalties which a person is entitled to receive on or after 6 April 2013.