Finance (Taxation of Profits of Certain Mines) Act, 1974

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Marginal mine allowance.

10.—(1) In this section—

“marginal mine” means a qualifying mine in respect of which the Minister for Industry and Commerce gives a certificate stating that he is satisfied that the profits derived or to be derived from the working of that mine are such that, if tax is to be charged on those profits in accordance with the provisions of the Income Tax Acts and the Acts relating to corporation profits tax, but excluding the provisions of this section, the mine is unlikely to be worked or to continue to be worked.

(2) The Minister for Finance, after consultation with the Minister for Industry and Commerce, may direct, in respect of a marginal mine, that, for any particular year of assessment or any particular accounting period, the tax chargeable on the profits of that qualifying mine is to be reduced to such amount (including nil) as may be specified by him.

(3) Where a person is carrying on the trade of working a qualifying mine in respect of which the Minister for Finance gives a direction under subsection (2) in respect of a year of assessment or accounting period, an allowance (which shall be known as a marginal mine allowance) shall be made as a deduction in charging the profits of the said trade to income tax for that year of assessment and as a deduction in computing the profits of the said trade for purposes of corporation profits tax for that accounting period of such amount or amounts as will ensure that the tax charged in respect of the profits of the said trade shall equal the amount specified by that Minister.