SCHEDULES

SCHEDULE 39Repeal of miscellaneous reliefs etc

PART 6Mineral leases or agreements

44Corporation tax on income

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provisions of CTA 2009 (which provide for corporation tax relief on income in relation to mineral royalties) are repealed—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.