[F1681BOverviewU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—
(a)consideration received for the assignment or surrender of the first lease is taxed as a receipt of a trade, profession or vocation or charged to income tax, and
(b)tax relief is allowed for rent under the other lease.
(2)The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.]
Textual Amendments
F1Pt. 12A Ch. 2 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 3 (with Sch. 9 paras. 1-9, 22)