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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

499Provisions applying on termination of lease
This section has no associated Explanatory Notes

(1)This section applies if the relevant interest in relation to expenditure on the construction of a building is a lease.

(2)If, with the consent of the lessor, the lessee of a building remains in possession after the termination of the lease without a new lease being granted to him, the lease is treated as continuing as long as the lessee remains in possession.

(3)If on the termination of the lease a new lease is granted to the lessee as a result of the exercise of an option available to him under the terms of the first lease, the second lease is treated as a continuation of the first.

(4)If on the termination of the lease the lessor pays a sum to the lessee in respect of a building comprised in the lease, the lease is treated as if it had come to an end by surrender in consideration of the payment.

(5)If on the termination of the lease—

(a)a new lease is granted to a different lessee, and

(b)in connection with the transaction that lessee makes a payment to the former lessee,

the two leases are treated as if they were the same lease which had been assigned by the former lessee to the new lessee in consideration of the payment.

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