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Corporation Tax Act 2010

Section 915: Effect of disposals of leases: general

2711.This section treats a period of account of the lessor as coming to an end for the purposes of this Part immediately before any disposal of the lessor’s interest under the lease, the leased asset or an asset representing the leased asset. It is based on paragraph 12(5) to (7) of Schedule 12 to FA 1997.

2712.This enables the cumulative accountancy rental excess or the cumulative normal rental excess for the period of account of the lessor that then begins, and in which the disposal takes place, to be calculated.

2713.The remaining sub-paragraphs of paragraph 12 of Schedule 12 to FA 1997 are rewritten as section 37A of TCGA by Part 2 of Schedule 3 to TIOPA. See the commentary on that Schedule to TIOPA. Subsection (5) provides a signpost to that section.

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