Income Tax (Trading and Other Income) Act 2005 section 337

Income charged

Section 337 establishes how the amount of income from mineral royalties and similar sources is determined for income tax purposes.

  • Tax is charged on the full amount of profits arising in the tax year
  • The charge applies to the complete profits without automatic reduction or apportionment
  • A deduction is available for management expenses incurred by the owner of mineral rights, as provided by section 339
  • The section originated from section 69 of the former Income and Corporation Taxes Act (ICTA)

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