- 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Point in time view as at 17/07/2014.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 2010, Section 850 is up to date with all changes known to be in force on or before 19 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 Chapter has effect if each of conditions A to E is met.
(2)Condition A is that—
(a)a company (“L”) is a lessee of land under a lease which has 50 years or less to run (“the original lease”), and
(b)L 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—
(a)L assigns the original lease to another person or surrenders it to L's landlord, and
(b)the consideration for the assignment or surrender would not (apart from this Chapter) be taxable except as capital in L's hands.
(4)Condition C is that—
(a)another lease (“the new lease”) is granted, or assigned, to L or a person linked to L, and
(b)the new lease is for a term of 15 years or less.
(5)Condition D is that the new lease—
(a)is of all or part of the land which was the subject of the original lease, or
(b)includes all or part of the land which was the subject of the original lease.
(6)Condition E is that neither L nor a person linked to L had, before 22 June 1971, a right enforceable at law or in equity to the grant of the new lease.
(7)If each of conditions A to D is met but condition E is not met, see the relevant provisions in Schedule 2 to this Act and Schedule 9 to TIOPA 2010.
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