Yn ddilys o 01/05/1995
9(1)Section 34 of that Act (premiums), except where it is applied for the purposes of corporation tax, shall have effect with the following modifications.
(2)Subsection (3) shall have effect as if for the words from “from the rent” onwards there were substituted “ as an expense of any Schedule A business carried on by the landlord ”.
(3)Subsection (4) shall have effect as if in paragraph (a), for the words from “in computing” to “in lieu of rent” there were substituted “ in computing the profits or gains, or losses, of the Schedule A business of which the sum payable in lieu of rent is by virtue of this subsection to be treated as a receipt ”.
(4)Subsection (5) shall have effect as if in paragraph (a), for “tax chargeable by virtue of this subsection” there were substituted “ the profits or gains, or losses, of the Schedule A business of which that sum is by virtue of this subsection to be treated as a receipt ”.
(5)Subsection (6) shall have effect as if for the words from “no charge” onwards there were substituted “ no amount shall fall under that subsection to be treated as a receipt of any Schedule A business carried on by the landlord; but that other person shall be taken to have received as income an amount equal to the amount which would otherwise fall to be treated as rent and to be chargeable to tax as if he had received it in consequence of having, on his own account, entered into a transaction falling to be treated as mentioned in paragraph 1(2) of Schedule A. ”