BIM62001 - Measuring the profits (particular trades): Mineral extraction: Profits of mining and quarrying deemed trade profits
S12 Income Tax (Trade and Other Income) Act 2005, S39 Corporation Tax Act 2009
»Ê¹ÚÌåÓýapp profits arising out of land used for mines, quarries (including gravel pits, sand pits and brickfields) are taxed as if the concern were a trade.
This rule does not, however, impose a charge to tax on a non-UK resident in the case of a concern outside the UK.
Businesses carrying on a mineral extraction trade are not eligible to use the cash basis (see BIM70000 onwards)