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Corporation Tax Act 2009
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135Relief in respect of mineral royalties
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(1)This section applies for the purpose of calculating the profits of a trade carried on by a UK resident company in an accounting period if the receipts of the trade include mineral royalties—
(a)which the company is entitled to receive under a mineral lease or agreement, and
(b)which are not chargeable to tax under Chapter 7 of Part 4 (rent receivable in connection with a UK section 39(4) concern) because of the priority rule in section 287.
(2)The company is treated as entitled to receive only half of the total of the mineral royalties arising under the lease or agreement in the accounting period.
(3)Sections 274 to 276 (meaning of “mineral lease or agreement” and “mineral royalties”) apply for the purposes of this section as they apply for the purposes of Chapter 7 of Part 4.
(4)See also section 201 of TCGA 1992 (gains treated as accruing to a company entitled to receive mineral royalties).
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