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Changes over time for: Section 40


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2009
Status:
Point in time view as at 22/07/2004. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1998, Section 40.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
40 Treatment of premiums as rent.U.K.
(1)Section 34 of the Taxes Act 1988 (treatment of premiums, etc. as rent) is amended as follows.
(2)In subsection (1) for “becoming entitled when the lease is granted to" substitute “ receiving when the lease is granted ”.
(3)In subsection (4)—
(a)in paragraph (a), for the words from “in computing" to “in lieu of rent" substitute “ in computing the profits 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 ”; and
(b)in paragraph (b), for “deemed to become due" substitute “ deemed to be received ”.
(4)In subsection (5)—
(a)in paragraph (a), for “tax chargeable by virtue of this subsection" substitute “ the profits of the Schedule A business of which that sum is by virtue of this subsection to be treated as a receipt ”; and
(b)in paragraph (b), for “deemed to become due" substitute “ deemed to be received ”.
(5)The above amendments have effect in relation to amounts treated as received under section 34 of the Taxes Act 1988 on or after 17th March 1998.
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