Taxes Consolidation Act 1997 section 142

Distributions out of profits of certain mines

Section 142 dealt with the treatment of distributions made by companies out of mining profits that had qualified for tax relief up to 5 April 1976, ensuring such distributions were disregarded for income tax purposes in the hands of recipients.

• "Exempted income" was income relieved under the Finance (Profits of Certain Mines) (Temporary Relief from Taxation) Act 1956 or Chapter II of Part XXV of the Income Tax Act 1967.
• Distributions paid wholly out of exempted income were not treated as income for income tax purposes and the recipient was not entitled to a tax credit.
• Where a distribution was made partly from exempted income and partly from other income, it was split and treated as two separate distributions.
• The section is now spent, as the underlying mining reliefs applied only to profits arising up to 5 April 1976.