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Income Tax (Trading and Other Income) Act 2005

Section 276: Introduction

1111.This section is new.

1112.Subsection (3) refers to “any lease” in the case of sums payable instead of rent or for the variation or waiver of the term of a lease. See commentary on sections 279 and 281 and Change 68 in Annex 1.

1113.Subsection (6) defines a “short-term” lease as “a lease whose effective duration is 50 years or less”. The “effective duration” of a lease is its duration for the purpose of the lease premium rules. This may not be the same as the contractual duration. See commentary on sections 303 and 304.

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