Search Legislation

Finance Act 1997

Status:

This is the original version (as it was originally enacted).

7(1)This paragraph applies in any case where—

(a)the current lessor assigns the lessor’s interest under the lease; and

(b)the assignment is a disposal on which, by virtue of any of the enactments specified in section 35(3)(d) of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992, neither a gain nor a loss accrues.

(2)Where this paragraph applies, this Schedule shall have effect as if—

(a)a period of account of the assignor ended, and

(b)a period of account of the assignee began,

with the assignment.

(3)Where this paragraph applies—

(a)any unused cumulative accountancy rental excess, or

(b)any unused cumulative normal rental excess,

of the assignor shall become the cumulative accountancy rental excess or the cumulative normal rental excess (as the case may be) for the period of account of the assignee which begins with the assignment.

(4)In sub-paragraph (3) above—

  • “unused cumulative accountancy rental excess”, in relation to the assignor, means the aggregate of—

    (a)

    any cumulative accountancy rental excess, and

    (b)

    any accountancy rental excess,

    for the period of account of his which ends with the assignment;

  • “unused cumulative normal rental excess”, in relation to the assignor, means the aggregate of—

    (a)

    any cumulative normal rental excess, and

    (b)

    any normal rental excess,

    for the period of account of his which ends with the assignment.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources