F1Part 3 Industrial buildings allowances
Chapter 7 Balancing adjustments
Qualifying enterprise zone expenditure: effect of realising capital value
331 Capital value provisions: interpretation
(1)
“Capital value” means any capital sum—
(a)
including what would have been a capital sum if it had been a money payment (and references to payment are to be read accordingly), but
(b)
excluding so much of any sum as corresponds to F2—
F3(i)
an amount brought into account as a receipt in calculating the profits of a property business under sections 217 to 221 of CTA 2009 that is calculated by reference to the sum, or
F4(ii)
an amount brought into account as a receipt in calculating the profits of a UK property business under sections 277 to 281 of ITTOIA 2005 that is calculated by reference to the sum.
(2)
“Interest in land” means—
(a)
a leasehold estate in the land, whether in the nature of a head lease, sub-lease or under-lease;
(b)
an easement or servitude;
(c)
a licence to occupy land.
(3)
References to granting an interest in land include agreeing to grant any such interest.
(4)
In section 329—
“commercial amount” means the amount that would have been given if the transaction had been at arm’s length,
“” means the premium that would have been given if the transaction had been at arm’s length, and
“commercial rent” means such rent as may reasonably be expected to have been required in respect of the subordinate interest (having regard to any premium paid in consideration of the grant of the interest) if the transaction had been at arm’s length.
(5)
In the application of section 329 to Scotland, references to assignment are to be read as references to assignation.