Section 39 — Corporation Tax Act 2009: Profits of mines, quarries and other concerns

Profits of mines, quarries and other concerns 39 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.