Minerals Development Act 2017

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Amendment of Taxes Consolidation Act 1997

248. The Taxes Consolidation Act 1997 is amended—

(a) in section 5(1) in the definition of “minerals”, by substituting “ section 2 of the Minerals Development Act 2017” for “ section 3 of the Minerals Development Act, 1940 ”,

(b) in section 21A(1) —

(i) by substituting for paragraph (b) of the definition of “excepted operations” the following:

“(b) working minerals or mineral compounds other than so much of such working as is manufacturing,”,

(ii) by substituting for the definition of “minerals” the following:

“ ‘minerals’ has the same meaning as in section 2 of the Minerals Development Act 2017;”,

and

(iii) by inserting the following definition of “mineral compound” after the definition of “minerals”:

“ ‘mineral compound’ means any substance formed by the chemical combination of two or more minerals;”,

(c) in section 670(1) —

(i) in the definition of “mine” by substituting “any mineral or mineral compound” for “any scheduled mineral, mineral compound or mineral substance within the meaning of section 2 of the Minerals Development Act, 1940 ”, and

(ii) by inserting the following definitions after the definition of “mine”:

“ ‘minerals’ has the same meaning as it has in section 2 of the Minerals Development Act 2017;

‘mineral compound’ means any substance formed by the chemical combination of two or more minerals;”,

and

(d) by substituting for section 683(5) the following:

“(5) Where a right to compensation under section 20 of the Minerals Development Act 1979 is vested in a person and the Minister for Communications, Climate Action and Environment pays compensation to that person in respect of that right to compensation, that person shall be deemed for the purposes of this section to have sold a scheduled mineral asset for a capital sum equal to the amount of compensation paid to that person, and subsections (2) to (4) shall apply to the compensation as they apply to a capital sum received in respect of a sale of a scheduled mineral asset.”.