- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (08/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 08/04/2014.
There are currently no known outstanding effects for the Income Tax Act 2007, Section 681BJ.
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(1)This section applies if each of conditions A to D is met.
(2)Condition A is that—
(a)a person (“the lessee”) is a lessee of land under a lease which has 50 years or less to run (“the original lease”), and
(b)the lessee is entitled in respect of the rent under the original lease to a deduction by way of relevant income tax relief.
(3)Condition B is that (by agreement with the landlord) the lessee varies the original lease.
(4)Condition C is that under the variation—
(a)the lessee agrees to pay a rent greater than that payable under the original lease, and
(b)the lessee agrees to pay the greater rent in return for a consideration which would not (apart from this Chapter) be taxable except as capital in the lessee's hands.
(5)Condition D is that under the variation the period during which the greater rent is to be paid ends 15 years or less after the date on which—
(a)the consideration is paid to the lessee, or
(b)the last instalment of the consideration is paid to the lessee (if it is paid in instalments).
(6)If this section applies the lessee must be treated for the purposes of this Chapter—
(a)as having surrendered the original lease for the consideration mentioned in subsection (4)(b), and
(b)as having been granted a new lease for a term of 15 years or less but otherwise on the terms of the original lease varied as mentioned in subsection (3).]
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)
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