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Profits and losses from the following activities connected with the exploitation of land¹ are treated as if the concern were a trade:

1. Ìý

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

2. Ìý

   (b)ÌýÌýÌýÌý ironworks, gasworks, salt springs or works, alum mines or works (other than mines within (a) above), and waterworks and streams of water

3. Ìý

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

4. Ìý

   (d)ÌýÌýÌýÌý rights of fishing

5. Ìý

   (e)ÌýÌýÌýÌý rights of markets and fairs, tolls, bridges and ferries

6. Ìý

   (f)ÌýÌýÌýÌý railways and other kinds of way, and

7. Ìý

   (g)ÌýÌýÌýÌý a concern of the same kind (see below) as one specified in (b) to (e) above

The legislation refers to such concerns as 's 12(4) concerns' or 's 39(4) concerns'. Further detail on some of the concerns is given below.

Note that this stops short of treating the concern as if it were a trade. This has important consequences: for instance, the profits are not liable to Class 4 National Insurance contributions, and