SCHEDULES
SCHEDULE 39Repeal of miscellaneous reliefs etc
PART 6Mineral leases or agreements
Income tax
43
1
The following provisions of ITTOIA 2005 (which provide for income tax relief in relation to mineral royalties) are repealed—
a
section 157 (mineral royalties included as receipts of a trade),
b
section 319 (mineral royalties included as receipts of a UK property business), and
c
sections 340 to 343 (mineral royalties receivable in connection with mines, quarries and other concerns).
2
In consequence of the provision made by sub-paragraph (1)—
a
in ITTOIA 2005—
i
in section 337, omit the entry relating to section 340 (and the “and” before that entry), and
ii
in section 339, omit subsection (3), and
b
in CRCA 2005, in Schedule 4, omit paragraph 132(3)(a).
3
The amendments made by this paragraph have effect in relation to mineral royalties which a person is entitled to receive on or after 6 April 2013.