SCHEDULES
SCHEDULE 2 Recipients of Depreciation Payments: Special Cases
Rentcharges
3
(1)
The Secretary of State may by regulations make provision as to the person to whom a depreciation payment or any part of it is to be paid in cases where the interest in the property in question of a person to whom, apart from this paragraph or paragraph 4 below, the whole or part of the payment would fall to be paid was at the relevant time subject to a rentcharge.
(2)
In this paragraph “rentcharge” means—
(a)
in relation to property situated in England and Wales, any annual or other periodic sum charged on or issuing out of land, except rent reserved by a lease or tenancy and any sum payable by way of interest;
(b)
F1in relation to property situated in Scotland, a feuduty or a ground annual.