- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
43(1)The following provisions of ITTOIA 2005 (which provide for income tax relief in relation to mineral royalties) are repealed—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.
44(1)The following provisions of CTA 2009 (which provide for corporation tax relief on income in relation to mineral royalties) are repealed—
(a)section 135 (mineral royalties included as receipts of a trade),
(b)section 258 (mineral royalties included as receipts of a UK property business), and
(c)sections 273 to 276 (mineral royalties receivable in connection with mines, quarries and other concerns).
(2)In consequence of the provision made by sub-paragraph (1)(c), in section 272 of CTA 2009, omit subsection (3).
(3)The amendments made by this paragraph have effect in relation to mineral royalties which a company is entitled to receive on or after 1 April 2013.
45(1)Section 201 of TCGA 1992 (mineral leases: royalties) is repealed.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.
46(1)Section 202 of TCGA 1992 (mineral leases: capital losses) is amended as follows.
(2)In subsection (1)—
(a)after “currency of a mineral lease or agreement” insert “entered into before the relevant date”, and
(b)after “in relation to a mineral lease or agreement” insert “entered into before that date”.
(3)After that subsection insert—
“(1A)For the purposes of this section “the relevant date” means—
(a)for the purposes of capital gains tax, 6 April 2013; and
(b)for the purposes of corporation tax in respect of chargeable gains, 1 April 2013.”
(4)In subsection (3), after “termination of a mineral lease or agreement” insert “entered into before the relevant date”.
47In section 203 of TCGA 1992 (provisions supplementary to sections 201 and 202), in subsection (1), for “as they apply for the interpretation of Chapter 7 of Part 4 of CTA 2009” substitute “(despite their repeal by paragraph 44(1)(c) of Schedule 39 to the Finance Act 2012)”.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: