Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 39 U.K. Repeal of miscellaneous reliefs etc

PART 6 U.K. Mineral leases or agreements

Chargeable gains U.K.

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

(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 ”.