Section 202 | Capital Losses | Taxation Of Chargeable Gains Act 1992 C12

202 Capital losses

Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

202 Capital losses

(1) This section has effect in relation to capital losses which accrue during the currency of a mineral lease or agreement [entered into before the relevant date], and applies in any case where, at the time of the occurrence of a relevant event in relation to a mineral lease or agreement [entered into before that date], the person who immediately before that event occurred was entitled to receive mineral royalties under the lease or agreement (“the taxpayer”) has an interest in the land to which the mineral lease or agreement relates (“the relevant interest”).

[(1A) For the purposes of this section “the relevant date” means—

(a) for the purposes of capital gains tax, 6 April 2013; and

(b) for the purposes of corporation tax in respect of chargeable gains, 1 April 2013.]

(2) For the purposes of this section, a relevant event occurs in relation to a mineral lease or agreement—

(a) on the expiry or termination of the mineral lease or agreement;

(b) if the relevant interest is disposed of, or is treated as having been disposed of by virtue of any provision of this Act.

(3)