Income Tax (Trading and Other Income) Act 2005 section 335

Charge to tax on rent receivable in connection with a UK section 12(4) concern

Section 335 imposes an income tax charge on rent received in connection with a UK section 12(4) concern, which typically involves mines, quarries, and similar natural resource operations.

• Income tax is charged on rent receivable in connection with a UK section 12(4) concern
• The charge applies regardless of whether the rent is paid in cash or in kind (such as produce from the concern)
• Losses arising from income charged under this provision follow the loss regime applicable to this chapter, not the general loss relief rules
• There is no longer a requirement for the lessee to deduct income tax when paying rent to the lessor