272Deduction for management expenses of owner of mineral rightsU.K.
This section has no associated Explanatory Notes
(1)This section applies if in an accounting period—
(a)a company lets a right to work minerals in the United Kingdom, and
(b)the company pays a sum wholly and exclusively as an expense of management or supervision of the minerals in the accounting period.
(2)In calculating the amount of rent receivable in connection with a UK section 39(4) concern, a deduction is allowed for the sum for the accounting period.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 272(3) omitted (with effect in accordance with Sch. 39 para. 44(3) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 44(2)