PART IIF1PROVISIONS RELATING TO THE SCHEDULE A CHARGE
F2 Rent factoring
Ss. 43A-43G and cross-heading inserted (with effect in accordance with s. 110(2) of the amending Act) by Finance Act 2000 (c. 17), s.110(1)
43B Transfer of rent.
1
This section applies to a finance agreement if it transfers a right to receive rent in respect of land in the United Kingdom from one person to another, otherwise than by means of the grant of a lease of land in the United Kingdom.
2
A person who receives a finance amount shall be treated for the purposes of the Tax Acts as receiving it—
a
by way of rent,
b
in the course of a business falling within paragraph 1(1) of Schedule A, and
c
in the chargeable period in which the agreement is made;
and the finance amount shall be taken into account in computing the profits of the Schedule A business for the chargeable period in which the agreement is made.
3
In subsection (2) “finance amount” means a receipt in respect of which section 43A(1) is satisfied.
Pt. 2 heading substituted (with effect as mentioned in s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), s. 38(1), Sch. 5 para. 3 (with Sch. 5 para. 73)