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Tax on quarries, mines and other concerns.
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56.—(1) The provisions of Chapter II shall apply in relation to the concerns which, by virtue of section 53, are chargeable under Case I (b) of Schedule D, subject to the provisions of this section.
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(2) Tax under Case I of Schedule D shall be assessed and charged on the person or body of persons carrying on such concern, or on the agents or other officers who have the direction or management of the concern or receive the profits thereof.
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(3) (a) The computation in respect of any mine carried on by a company of adventurers shall be made and stated jointly in one sum, but any adventurer may be assessed and charged separately if he makes a declaration of his proportion or share in the concern for that purpose.
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(b) An adventurer so separately assessed and charged may set off against his profits from one or more of such concerns the amount of his loss sustained in any other such concern as certified by the inspector.
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(c) In any such case one assessment and charge only shall be made on the balance of profit and loss, and shall be made in the assessment district where the adventurer is chargeable to the greatest amount.
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(4) No deduction or set-off (other than the deduction granted by section 67 (2)) shall be allowed in estimating the profits on account of, or by reference to the annual value of any lands tenements or hereditaments occupied and used in connection with the concern and not separately assessed and charged under Schedule A in accordance with subsection (6).
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(5) Part XXI shall be be construed and have effect as if any income tax chargeable under Schedule D in respect of any of the concerns to which subsection (1) relates were chargeable under Schedule A.
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(6) In any case in which it appears to the Revenue Commissioners to be necessary or proper, the property in any of the concerns specified in section 53 as chargeable under Case I (b) may be assessed and charged under Schedule A instead of under Schedule D.
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Save as aforesaid, tax under Schedule A shall not be charged in respect of the property in any such concern.
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