- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/07/1997)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 31/07/1998
Point in time view as at 31/07/1997. This version of this provision has been superseded.
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13(1)This paragraph applies in any case where—
(a)the lease of the asset forms part of an existing scheme, but
(b)the conditions in paragraph 3 above become satisfied after 26th November 1996.
(2)This Schedule shall have effect as if a period of account of the current lessor ended, and another period of account of his began—
(a)immediately before the time at which the conditions in paragraph 3 above become satisfied as mentioned in sub-paragraph (1)(b) above; and
(b)immediately after the time at which those conditions become so satisfied.
(3)If, on the assumption that this Part of this Schedule (other than this paragraph) had applied in the case of the lease at all times on or after 26th November 1996, there would be an amount of cumulative accountancy rental excess for the period of account of the current lessor in which the conditions in paragraph 3 above become satisfied, then—
(a)that amount shall be the cumulative accountancy rental excess for that period of account; and
(b)the current lessor shall be treated for tax purposes as if, in the immediately preceding period of account, he had been entitled to, and there had arisen to him, rent from the lease of an amount equal to that cumulative accountancy rental excess.
(4)If, on the assumption that this Part of this Schedule (other than this paragraph) had applied in the case of the lease at all times on or after 26th November 1996, there would be an amount of cumulative normal rental excess for the period of account of the current lessor in which the conditions in paragraph 3 above become satisfied, that amount shall be the cumulative normal rental excess for that period of account.
(5)The amount of rent mentioned in sub-paragraph (3)(b) above—
(a)is in addition to any other rent from the lease for the period of account there mentioned; and
(b)shall be left out of account for the purposes of paragraph 5 above.
(6)Where a person is treated under sub-paragraph (3)(b) above as if he had in a period of account been entitled to, and there had arisen to him, any rent, the rent shall be treated for tax purposes as if it had accrued, and he had become entitled to it, immediately before the end of that period of account.
(7)In determining for the purposes of this paragraph the amount which would, on the assumption in sub-paragraph (3) or (4) above, be the amount of—
(a)the cumulative accountancy rental excess, or
(b)the cumulative normal rental excess,
for the period of account of the current lessor in which the conditions in paragraph 3 above become satisfied, any amount of relief given for a period of account on a claim under section 41 of the Taxes Act 1988 shall be treated as if it had instead been given under paragraph 8(4) above for that period of account.
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