315(1)Amend section 780 (sale and lease-back: taxation of consideration received) as follows.U.K.
(2)In subsection (3)(b) for “a profit or gain chargeable under Case VI of Schedule D” substitute “ an amount chargeable to tax in accordance with subsection (3A) ”.
(3)After subsection (3) insert—
“(3A)The amount shall be charged—
(a)to income tax, or
(b)to corporation tax as a profit or gain under Case VI of Schedule D.
(3B)The income tax charged by virtue of subsection (3A)(a) above shall be charged on the full amount of the proportion of the consideration concerned arising in the year of assessment; and the person liable for any tax so charged is the lessee.”