Income Tax (Trading and Other Income) Act 2005 section 343

Power of Commissioners to determine what counts as "mineral royalties"

Section 343 gives HMRC the power to make regulations that determine what qualifies as "mineral royalties" for the purposes of the tax relief available under section 340 of the Act.

• HMRC has the authority to issue regulations specifying what counts as "mineral royalties" eligible for relief.
• The regulations can refine or clarify the scope of the mineral royalties relief provided under section 340.
• Any regulations made under this power also feed through to sections 157 and 319 of the Act, by virtue of cross-references in those sections.
• This regulatory power ensures HMRC can adapt the definition of mineral royalties to reflect practical circumstances without requiring new primary legislation.