Income Tax (Trading and Other Income) Act 2005 section 157

Relief in respect of mineral royalties

Section 157 previously provided income tax relief for individuals receiving mineral royalties, but this provision has been repealed.

• Section 157 originally gave income tax relief to individuals who received mineral royalties
• The section was repealed by Finance Act 2012 (section 227 and Schedule 39, paragraph 43(1)(a))
• The repeal takes effect for mineral royalties that a person became entitled to receive on or after 6 April 2013
• Any mineral royalties received from 6 April 2013 onwards are therefore taxed in full without the benefit of this former relief