Income Tax Act 2007 (c. 3)

[F1 Part 12A U.K. Sale and lease-back etc]

Textual Amendments

F1 Pt. 12A 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. 4 para. 2 (with Sch. 9 paras. 1-9, 22)

[F2 Chapter 2 U.K. New lease of land after assignment or surrender

Textual Amendments

F2 Pt. 12A Ch. 2 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. 4 para. 3 (with Sch. 9 paras. 1-9, 22)

Overview U.K.

681B Overview U.K.

(1) This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—

(a) consideration received for the assignment or surrender of the first lease is taxed as a receipt of a trade, profession or vocation or charged to income tax, and

(b) tax relief is allowed for rent under the other lease.

(2) The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.]