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

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(1) Subject to this section, Chapter 3 of this Part and section 108 shall apply in relation to the concerns which by virtue of section 18 are chargeable under Case I(b) of Schedule D.

How are the profits of quarries, mines etc taxed?

(1) Schedule D Case I(b) charges to tax the profits of quarries, mines, canals, docks, rights of markets, tolls, railways, bridges and ferries (section 18(2))....

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(2) Tax under Case I of Schedule D shall be assessed and charged on the person or body of persons carrying on such concern or on the agents or other officers who have the direction or management of the concern or receive the profits of the concern.

Who is the assessable person in relation to profits from quarries, mines etc?

(2) If you carry on such a concern, your profits from such a concern are charged to tax under Schedule D Case I. The person assessed is: you, your agent/manager, or the person who receives the profits of the concern.

(3)(a) The computation in respect of any mine carried on by a company of adventurers shall be made and stated jointly in one sum, but any adventurer may be assessed and charged separately if that adventurer makes a declaration of that adventurer's proportion or share in the concern for that purpose.

(b) Any adventurer so separately assessed and charged may set off against that adventurer's profits from one or more of such concerns the amount of that adventurer's loss sustained in any other such concern as certified by the inspector.

(c) In any such case one assessment and charge only shall be made on the balance of profit and loss, and shall be made in the assessment district where the adventurer is chargeable to the greatest amount.

If I am part of "group of adventurers" engaged in mining, how am I taxed?

(3) If you are part of "a company of adventurers" engaged in a mining activity, you are separately assessed and charged to tax in respect of your share of the profits....

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