Finance Act 1998 (c. 36)

SCHEDULES

SCHEDULE 5 U.K. Rent and other receipts from land

Part III U.K. Minor and consequential amendments

Commencement Information

I1 Sch. 5 Pts. I-III in force and has effect as mentioned in s. 38.

Income and Corporation Taxes Act 1988 (c.1) U.K.

34 U.K. In section 87(1) of the Taxes Act 1988 (treatment of taxable premiums in case of land used in connection with trade, profession or vocation), for paragraphs (a) and (b) substitute—

“(a) any amount falls to be treated as a receipt of a Schedule A business by virtue of section 34 or 35, or

(b) any amount would fall to be so treated but for the operation of section 37(2) or (3);”.