Section 339 | Deduction for management expenses of owner of mineral rights

(1)This section applies if in a tax year—

(a)a person lets a right to work minerals in the United Kingdom, and

(b)the person pays a sum wholly and exclusively as an expense of management or supervision of the minerals in the tax year.

(2)In calculating the amount of rent receivable in connection with a UK section 12(4) concern, a deduction is allowed for the sum for the tax year.

(3)Repealed