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Changes over time for: Cross Heading: Lease varied to provide for increased rent


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.
Status:
Point in time view as at 31/01/2013.
Changes to legislation:
Corporation Tax Act 2010, Cross Heading: Lease varied to provide for increased rent is up to date with all changes known to be in force on or before 04 March 2025. 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.

Changes to Legislation
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Lease varied to provide for increased rentU.K.
859Lease varied to provide for increased rentU.K.
(1)This section applies if each of conditions A to D is met.
(2)Condition A is that—
(a)a company (“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 corporation 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).
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