Section 39 | Profits of mines, quarries and other concerns

(1)Profits or losses arising out of land in the case of a concern to which this section applies are calculated as if the concern were a trade.

(2)Any profits arising out of the land are treated for the purposes of section 35 as profits of a trade.

(3)Any losses arising out of the land are treated for the purposes of Chapter 2 of Part 4 of CTA 2010 (trade loss relief), ... Part 5 of that Act (group relief) and Part 5A of that Act (group relief for carried forward losses), as losses of a trade carried on in the United Kingdom.

(4)The concerns to which this section applies are—

(a)mines and quarries (including gravel pits, sand pits and brickfields),

(b)ironworks, gasworks, salt springs or works, alum mines or works, waterworks and streams of water,

(c)canals, inland navigation, docks and drains or levels,

(d)rights of fishing,

(e)rights of markets and fairs, tolls, bridges and ferries,

(f)railways and other kinds of way, and

(g)a concern of the same kind as one specified in paragraph (b), (c), (d) or (e).

(5)But this section does not apply to a concern—

(a)if it is carried on by an insurance company on land which is an asset held by the company for the purposes of its long-term business, or

(b)if section 38 (commercial occupation of land other than woodlands) applies to the occupation of the land out of which the profits or losses arise.