PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER VIII MISCELLANEOUS AND SUPPLEMENTAL

120 Rent etc. payable in respect of electric line wayleaves.

M11

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 F6corporation tax under Schedule D F2. . . .

F31A

If—

a

the profits and gains arising to any person for any F7accounting period include both rent in respect of any such easement as is mentioned in subsection (1) above and amounts which are charged to F8corporation 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 F8corporation tax under Schedule A, instead of being charged under Schedule D.

2

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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; F5. . .

c

F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .