SCHEDULE 5 Rent and other receipts from land
Part III Minor and consequential amendments
Taxation of Chargeable Gains Act 1992 (c.12)
63
(1)
Schedule 8 to the Taxation of Chargeable Gains Act 1992 (leases) is amended as follows.
(2)
In paragraph 5 (exclusion of premiums taxed under Schedule A, etc.)—
(a)
in sub-paragraphs (1) and (2), for “income tax has become chargeable under section 34 of the Taxes Act on any amount" substitute “
any amount is brought into account by virtue of section 34 of the Taxes Act as a receipt of a Schedule A business (within the meaning of that Act)
”
; and
(b)
in sub-paragraph (3), for “income tax has become chargeable under section 36 of the Taxes Act (sale of land with right of re-conveyance) on any amount" substitute “
any amount is brought into account by virtue of section 36 of the Taxes Act (sale of land with right of re-conveyance) as a receipt of a Schedule A business (within the meaning of that Act)
”
.
(3)
In paragraph 6(2), for the words from “on which tax is paid" onwards substitute “
brought into account by virtue of section 35 of the Taxes Act (charge on assignment of a lease granted at an undervalue) as a receipt of a Schedule A business (within the meaning of that Act)
”
.
F1(4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)
“7A
References in paragraphs 5 to 7 above to an amount brought into account as a receipt of a Schedule A business include references to an amount brought into account as a receipt of an overseas property business.”.