Search Legislation

Finance Act 2013

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 2

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2013, Paragraph 2. Help about Changes to Legislation

This section has no associated Explanatory Notes

2(1)In Schedule 17A (further provisions about leases), paragraph 3 (leases that continue after a fixed term) is amended as follows.U.K.

(2)In sub-paragraph (3)—

(a)after “continuation of the lease” insert “ for a period (or further period) of one year ”, and

(b)in paragraph (a), for “that term” substitute “ that one year period ”.

(3)After that sub-paragraph insert—

(3A)But no tax or additional tax is payable in respect of a transaction as a result of the continuation of a lease for a period (or further period) of one year under sub-paragraph (2) if, during that one year period, the tenant under the lease is granted a new lease of the same or substantially the same premises in circumstances where paragraph 9A applies.

(4)After sub-paragraph (3A) insert—

(3B)Sub-paragraph (2) is subject to paragraph 3A.

(5)In sub-paragraph (4), for the words from “the day” to the end substitute “ the last day of the one year period for which the lease is continued or (as the case may be) further continued. ”

(6)After sub-paragraph (5) insert—

(6)Where—

(a)a lease would be treated as continuing for a period (or further period) of one year under sub-paragraph (2), but

(b)(ignoring that sub-paragraph) the lease actually terminates at a time during that period,

the lease is to be treated as continuing under sub-paragraph (2) only until that time; and the references in sub-paragraphs (3) and (4) to that one year period are accordingly to be read as references to so much of that year as ends with that time.

Back to top

Options/Help