Income Tax (Trading and Other Income) Act 2005 section 341

Meaning of "mineral royalties"

Section 341 defines "mineral royalties", but paragraph 77 of Schedule 2 provides a transitional exclusion for certain rents received before a specific date.

• Mineral royalties are defined in section 341(2) of the Act.
• The definition does not include any rent receivable before 6th April 1970.
• This exclusion acts as a transitional provision preserving the pre-1970 treatment of mineral rents.
• Only rents receivable on or after 6th April 1970 fall within the statutory meaning of mineral royalties.