Trade profits: statute - supplementary charging provisions - mines, quarries and other concerns
S12 Income (Trading and Other Income) Act 2005; S39 Corporation Tax Act 2009
Profits or gains arising out of land for specified concerns are calculated as if the concern were a trade. Any profits arising out of the land are charged to Income Tax or Corporation Tax as trading income.
- mines and quarries, including gravel pits, sand pits and brickfields; see BIM62000 onwards
- ironworks, gasworks, salt springs or works, alum mines or works and waterworks and streams of water
- canals, inland navigation, docks, and drains or levels
- rights of fishing
- rights of markets and fairs, tolls, bridges and ferries
- railways and other kinds of way
- other concerns of the same kind as any of the concerns in (b) to (e) above.
BIM60201 gives guidance on the circumstances in which a concern is within the charge on trading income.