56 Tax on quarries, mines and other concerns chargeable under Case I (b) of Schedule D

Summary

This section provides rules relating to the charge and assessment to tax of the concerns mentioned in Case I(b) of Schedule D (see section 18).

Details

(1) Subject to this section, the rules relating to the basis of assessment under Cases I and II of Schedule D set out in Chapter 3 of this Part and to the statement of profits in section 108 apply to the assessment and charge to tax of profits or gains of quarries, mines and the other concerns listed under Case I (b) of Schedule D.

(2) The tax under Case I of Schedule D is assessable on the person or body of persons carrying on such a concern, or on the agents or other officers who have the direction or management of the concern or who receive the profits of the concern.

(3) The computation in respect of any mine carried on by a company of adventurers is to be made jointly in one sum. However, any adventurer may apply to be separately assessed on making a declaration as to his/her share in the mine. In such a case, he/she may set off his/her profits from the mine against any loss he/she may have sustained in any other mine. The adventurer is to be assessed only once on the balance of profit and loss from such concerns, and the assessment is to be made in the district or branch where the adventurer is chargeable to the greatest amount.

Relevant Date: Finance Act 2021