C1Part 3Trading income
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
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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)