Point in time view as at 01/04/2010.
Corporation Tax Act 2010, Section 924 is up to date with all changes known to be in force on or before 26 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section applies if—
(a)the conditions in section 902 become met in the case of the lease of the asset, and
(b)immediately before those conditions become met, Chapter 3 applied.
(2)Subsection (3) applies for the purpose of determining—
(a)the cumulative accountancy rental excess for any period of account ending after those conditions become met, or
(b)the cumulative normal rental excess for any such period.
(3)This Part has effect as if this Chapter had applied in relation to the lease at any time when Chapter 3 applied in relation to it.
(4)If at any time the person who was the lessor at that time was a person within the charge to income tax—
(a)the reference in subsection (1)(a) to the conditions in section 902 becoming met at that time includes a reference to the conditions in section 614BC of ITA 2007 becoming so met,
(b)the reference in subsection (1)(b) to Chapter 3 applying immediately before that time includes a reference to Chapter 3 of Part 11A of that Act so applying, and
(c)the reference in subsection (3) to Chapter 3 applying at that time includes a reference to Chapter 3 of that Part so applying.
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