Part 2Trading income
Chapter 2Income taxed as trade profits
Trades and trade profits
12Profits of mines, quarries and other concerns
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 charged to income tax as if the concern were a trade carried on in the United Kingdom.
But this does not impose a charge to tax on a non-UK resident in the case of a concern outside the United Kingdom.
3
Any losses arising out of the land are treated for the purposes of F1Part 4 of ITA 2007(loss relief) 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
This section does not apply to a concern if section 10 (commercial occupation of land other than woodlands) applies to the occupation of the land out of which the profits or losses arise.