Profits arising out of land from the following concerns are calculated as if the concern were a trade. Such profits are then charged to income tax as if the concern were a trade carried on in the UK, but not so as to impose a charge to tax on a person not resident in the UK where the concern is carried on outside the UK. Losses are treated as if they were losses of a trade carried on in the UK:

(a)mines and quarries (including gravel pits, sand pits and brickfields);

(b)ironworks, gasworks, salt springs or works, alum mines or works, waterworks and streams of water;

(c)canals, inland navigation, docks and drains or levels;

(d)rights of fishing;

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