Corporation tax: leases at an undervalue
21(1)Section 35 of the Taxes Act 1988 (charge on lease granted at an undervalue) shall not apply in the case of any lease which, in accordance with a transfer scheme, is granted—
(a)to a company which is a transferee under that or any other transfer scheme, or
(b)by such a company to the BBC.
(2)Section 87 of the Taxes Act 1988 (taxable premiums) shall not apply where there is an amount which would have become chargeable in relation to any land but for sub-paragraph (1); and, accordingly, references to any such amount shall not be included in references in that section to the amount chargeable.
(3)In this paragraph “lease” has the same meaning as in Part II of the Taxes Act 1988.