Part 4

Property income
Chapter 8

Rent receivable for UK electric-line wayleaves

Charge to tax on rent receivable for UK electric-line wayleaves

Extent of charge to tax
279
1
Rent receivable for a UK electric-line wayleave is not chargeable to tax under this Chapter for an accounting period if—
a
a company carries on a UK property business in relation to some or all of the land to which the wayleave relates, and
b
receipts (other than rents receivable for UK electric-line wayleaves) in respect of some or all of that land are brought into account in calculating the profits of the business of the accounting period.
2
In such a case, the rent receivable for the UK electric-line wayleave is brought into account in calculating the profits of the company's UK property business.
3
The rules for determining whether an amount is chargeable to tax under this Chapter also need to be read with section 45(2) (payments for wayleaves if company carries on a trade).
4
That subsection secures that an amount which would otherwise be chargeable to tax under this Chapter may be brought into account instead in calculating the profits of a trade.