C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 2Income taxed as trade profits

Trades and trade profits

39Profits 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 treated for the purposes of F2section 35 as profits of a trade.

3

Any losses arising out of the land are treated for the purposes of F1Chapter 2 of Part 4 of CTA 2010 (trade loss relief), F3... Part 5 of that Act (group relief) F5and Part 5A of that Act (group relief for carried forward losses), 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

But this section does not apply to a concern—

a

if it is carried on by an insurance company on land which is an asset F4held by the company for the purposes of its long-term business, or

b

if section 38 (commercial occupation of land other than woodlands) applies to the occupation of the land out of which the profits or losses arise.