339Deduction for management expenses of owner of mineral rightsU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)This section applies if in a tax year—
(a)a person lets a right to work minerals in the United Kingdom, and
(b)the person pays a sum wholly and exclusively as an expense of management or supervision of the minerals in the tax year.
(2)In calculating the amount of rent receivable in connection with a UK section 12(4) concern, a deduction is allowed for the sum for the tax year.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 339(3) omitted (with effect in accordance with Sch. 39 para. 43(3) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 43(2)(a)(ii)