SCHEDULES

SCHEDULE 39Repeal of miscellaneous reliefs etc

PART 6Mineral leases or agreements

Chargeable gains

46

1

Section 202 of TCGA 1992 (mineral leases: capital losses) is amended as follows.

2

In subsection (1)—

a

after “currency of a mineral lease or agreement” insert “ entered into before the relevant date ”, and

b

after “in relation to a mineral lease or agreement” insert “ entered into before that date ”.

3

After that subsection insert—

1A

For the purposes of this section “the relevant date” means—

a

for the purposes of capital gains tax, 6 April 2013; and

b

for the purposes of corporation tax in respect of chargeable gains, 1 April 2013.

4

In subsection (3), after “termination of a mineral lease or agreement” insert “ entered into before the relevant date ”.