Part 12ASale and lease-back etc
F1Chapter 2New lease of land after assignment or surrender
Taxation of consideration
681BCPosition where new lease does not include all original property
(1)
This section applies for the purposes of section 681BB if the property which is the subject of the new lease does not include all the property which was the subject of the original lease.
(2)
The consideration received by L must be treated as reduced to the portion of it found under subsection (3).
(3)
The portion is that which is reasonably attributable to such part of the original property as—
(a)
consists of the property which is the subject of the new lease, or
(b)
is included in the property which is the subject of the new lease.
(4)
The original property is the property which was the subject of the original lease.