Taxes Consolidation Act 1997 section 56

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

Section 56 sets out the rules for how profits from quarries, mines, canals, docks, market rights, tolls, railways, bridges, and ferries are assessed and charged to tax under Case I(b) of Schedule D.

• The normal rules for computing and assessing profits under Cases I and II of Schedule D apply to these concerns, subject to the specific provisions in this section.
• Tax is charged on the person or body operating the concern, or on the agents or officers who manage it or receive its profits.
• Where a mine is carried on by a company of adventurers, the profits are computed jointly as one sum, but any individual adventurer may elect to be assessed separately on their own share.
• An adventurer assessed separately may offset losses from one mining concern against profits from another, with only one assessment made on the net balance in the district where they are chargeable to the greatest amount.