Part 19

Sale and lease-back etc
Chapter 2

New lease of land after assignment or surrender

Interpretation

Relevant corporation tax relief
860
For the purposes of this Chapter each of the following is a deduction by way of relevant corporation tax relief—
a
a deduction in calculating profits or losses of a trade for corporation tax purposes,
b
a deduction in calculating the profits of a UK property business for corporation tax purposes,
c
a deduction in calculating any loss for which relief is given under section 91 (losses from miscellaneous transactions), or in calculating profits or gains chargeable to corporation tax under or by virtue of any provision to which section 1173 (miscellaneous charges) applies,
d
a deduction of an amount which for the purposes of section 73 of FA 2012 is an amount of adjusted BLAGAB management expenses of an insurance company for an accounting period, and
e
a deduction under section 1219 of CTA 2009 (expenses of management of a company's investment business).

Linked persons
861
1
In this Chapter references to a person linked to L are to a person who is—
a
a partner of L,
b
an associate of L, or
c
an associate of a partner of L.
2
“Associate” must be read in accordance with section 882 (relatives, settlements, persons controlling bodies, joint owners etc).

Lease, lessee, lessor and rent
862
1
This section applies for the purposes of this Chapter.
2
“Lease” includes—
a
an agreement for a lease, and
b
any tenancy.
3
“Lease” does not include a mortgage.
4
A reference to a lessee or lessor—
a
is to be read in accordance with subsections (2) and (3), and
b
includes a reference to the successors in title of a lessee or lessor.
5
“Rent” includes a payment by a tenant for work to maintain or repair leased premises which the lease does not require the tenant to carry out; and “premises” here includes land.
Pt. 19 Ch. 2 applied by 2007 c. 3, s. 681BD(4) (as 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))
S. 860(d) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 228