Part 3

Property income
Chapter 4

Profits of property businesses: lease premiums etc.

Certain administrative provisions

Claim for repayment of tax payable by virtue of section 285
302
1
This section applies if—
a
there is a receipt under section 285 (sale and leaseback transactions), and
b
the date for the grant of the lease was not fixed under the terms of the sale.
2
If the seller makes a claim, the seller must be repaid the amount by which A exceeds B, where—
- A is the amount of tax paid by the seller which was payable by virtue of section 285, and
- B is the amount of tax that would have been so payable if the date on which the lease was granted had been taken as the date fixed by the terms of the sale.
3
The claim must be made within 4 years after the day on which the lease was granted.
Words in s. 302(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 52; S.I. 2009/403, art. 2(2) (with art. 10)