F1Part 3ABusiness Premises Renovation Allowances

Chapter 11SUPPLEMENTARY PROVISIONS

360Z4 Meaning of “lease” etc.

(1)

In this Part “ lease ” includes—

(a)

an agreement for a lease if the term to be covered by the lease has begun, and

(b)

any tenancy,

but does not include a mortgage (and “ lessee ”, “ lessor ” and “ leasehold interest ” are to be read accordingly).

(2)

In the application of this Part to Scotland—

(a)

“ leasehold interest ” or “ leasehold estate ” means the interest of a tenant in property subject to a lease, and

(b)

any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.