Part 19

Sale and lease-back etc
Chapter 2

New lease of land after assignment or surrender

Introduction

Overview of Chapter
849
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 trade receipt or charged to corporation tax on income, 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.