SCHEDULES

SCHEDULE 39Repeal of miscellaneous reliefs etc

PART 6Mineral leases or agreements

45Chargeable gains

1

Section 201 of TCGA 1992 (mineral leases: royalties) is repealed.

2

In consequence of the provision made by sub-paragraph (1), in section 203 of TCGA 1992—

a

in subsection (1), for “sections 201 and 202” substitute “section 202”, and

b

in the heading, for “sections 201 and 202” substitute “section 202”.

3

The amendments made by this paragraph have effect—

a

for the purposes of capital gains tax, in relation to mineral royalties which a person is entitled to receive on or after 6 April 2013, and

b

for the purposes of corporation tax in respect of chargeable gains, in relation to mineral royalties which a company is entitled to receive on or after 1 April 2013.