Part 3Property income
Chapter 8Rent receivable in connection with a UK section 12(4) concern
Mineral royalties
343Power of Board to determine what counts as “mineral royalties”
The Board of Inland Revenue may by regulations—
(a)
provide whether, and to what extent, rents receivable under a mineral lease or agreement which relate both to the winning and working of minerals and to other matters are treated as mineral royalties, and
(b)
provide for treating the whole of such rents as mineral royalties if the extent to which they relate to matters other than the winning and working of minerals is small.