592(1)Amend section 64 (restriction on section 61 expenses: lease premium receipts) as follows.U.K.
(2)For subsection (1) substitute—
“(1)This section applies if a lease has been granted out of the taxed lease and—
(a)in calculating the amount of a receipt of a property business under Chapter 4 of Part 3 (profits of property businesses: lease premiums etc) in respect of the lease, there is a reduction under section 288 (the additional calculation rule) by reference to the taxed receipt, or
(b)in calculating the amount of a receipt of a property business under Chapter 4 of Part 4 of CTA 2009 (profits of a property business: lease premiums etc) in respect of the lease, there is a reduction under section 228 of that Act (the additional calculation rule) by reference to the taxed receipt.
In this section and sections 65 and 67 the receipt that is so reduced is referred to as a “lease premium receipt”.”
(3)In subsection (6) after “288” insert “ below or section 228 of CTA 2009 ”.