- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2014.
Corporation Tax Act 2009, Section 217 is up to date with all changes known to be in force on or before 31 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies if a premium is required to be paid—
(a)under a short-term lease, or
(b)otherwise under the terms subject to which a short-term lease is granted.
(2)The company to which the premium is due is treated as—
(a)entering into a transaction mentioned in section 205 (if the land to which the lease relates is in the United Kingdom) or section 206 (if that land is outside the United Kingdom), and
(b)receiving the amount calculated under subsections (4) and (5) as a result of that transaction.
(3)That amount is brought into account as a receipt in calculating the profits of the property business which consists of or includes that transaction for the accounting period in which the lease is granted.
(4)The amount of the receipt is given by the formula—
where—
P is the premium, and
Y is the number of complete periods of 12 months (other than the first) comprised in the effective duration of the lease.
(5)But, if the rule in section 228 (the additional calculation rule) applies, the amount given by the formula in subsection (4) is reduced by the amount calculated in accordance with section 228.
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