M1(1)[F1Subject to subsection (1A) below,] where rent is payable in respect of any easement enjoyed in the United Kingdom in connection with any electric, telegraphic or telephonic wire or cable (not being such an easement as is mentioned in section 119(1)), the rent shall be charged to [F2corporation] tax under Schedule D F3. . . .
[F4(1A)If—
(a)the profits and gains arising to any person for any [F5accounting period] include both rent in respect of any such easement as is mentioned in subsection (1) above and amounts which are charged to [F6corporation] tax under Schedule A, and
(b)some or all of the land to which the easement relates is included in the land by reference to which the amounts charged under Schedule A arise,
then, for that period, that rent shall be charged to [F6corporation] tax under Schedule A, instead of being charged under Schedule D.]
(2)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In this section—
(a)“easement” and “rent” have the same meanings as in section 119;
(b)the reference to easements enjoyed in connection with any electric, telegraphic or telephonic wire or cable includes (without prejudice to the generality of that expression) references to easements enjoyed in connection with any pole or pylon supporting any such wire or cable, or with any apparatus (including any transformer) used in connection with any such wire or cable; F8. . .
(c)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 120(1) inserted (with effect in accordance with s. 60(5) of the amending Act) by Finance Act 1997 (c. 16), s. 60(2)(a)
F2Word in s. 120(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(a) (with Sch. 2)
F3Words in s. 120(1) repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 60(2)(b), Sch. 18 Pt. 6(2)
F4S. 120(1A) inserted (with effect in accordance with s. 60(5) of the amending Act) by Finance Act 1997 (c. 16), s. 60(3)
F5Words in s. 120(1A) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(b) (with Sch. 2)
F6Words in s. 120(1A) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 104(c) (with Sch. 2)
F7S. 120(2)-(4) repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997 (c. 16), s. 60(4), Sch. 18 Pt. 6(2)
F8S. 120(5)(c) and preceding word repealed (with effect in accordance with s. 60(5), Sch. 18 Pt. 6(2) Note of the repealing Act) by Finance Act 1997, (c. 16), s. 60(5), {Sch. 18 Pt. 6(2)}
Marginal Citations
M1Source—1970 s.157