Income Tax Act 2007 (c. 3)

[F1 Part 11A U.K. Leasing arrangements: finance leases and loans

Textual Amendments

F1 Pt. 11A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 3 para. 2 (with Sch. 9 paras. 1-9, 22)

Chapter 1 U.K. Introduction

Meaning of expressions about rent U.K.

614AA Normal rent U.K.

(1) For the purposes of this Part, the “normal rent” in respect of a lease for a period of account of the lessor (“L”) is the amount specified in subsection (2).

(2) That amount is the amount that L would, apart from this Part, bring into account as rent from the lease that arises to L in that period of account for the purpose of determining L's liability to income tax for the related tax year or years.

(3) For the meaning of “related tax year”, see section 614DB(4).]