(1) In this section -
"chargeable period" means an accounting period of a company or a year of assessment;
any reference to the sale of a right to a scheduled mineral asset includes a reference to the grant of a licence to work scheduled minerals.
(2) Where a person resident in the State sells any scheduled mineral asset and the net proceeds of the sale consist wholly or partly of a capital sum, the person shall, subject to this section, be charged to tax under Case IV of Schedule D for the chargeable period in which the sum is received by the person on an amount equal to that sum; but where the person is an individual who, not later than 24 months after the end of the year of assessment in which the sum is paid, elects by notice in writing to the inspector to be charged to tax for that year of assessment and for each of the 5 succeeding years of assessment on an amount equal to one-sixth of that sum, the person shall be so charged.
(a) In this subsection, "tax" shall mean income t
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