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HMRC internal manual

Capital Gains Manual

Mineral leases: terminal loss relief: expiry or termination of lease

TCGA92/S202 (3)

When a mineral lease either expires or is terminated early, an eligible person, see CG71742, can make a claim to terminal loss relief under TCGA92/S202 (3). The effect of such a claim is to treat the land which was subject to the lease as having been disposed of and immediately reacquired at its market value on the date that the lease came to an end.

However, such a claim can only be made if an allowable loss arises on the deemed disposal and reacquisition.