Part III Income Tax, Corporation Tax and Capital Gains Tax
Chapter I Income Tax and Corporation Tax
Rents and other receipts from land
41 Tied premises: receipts and expenses treated as those of trade.
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2
In section 156 of the M1Taxation of Chargeable Gains Act 1992 (replacement of business assets: buildings and land), for subsection (4) substitute—
4
Where section 98 of the Taxes Act applies (tied premises: receipts and expenses treated as those of trade), the trader shall be treated, to the extent that the conditions in subsection (1) of that section are met in relation to premises, as occupying as well as using the premises for the purposes of the trade.
3
The above amendments have effect on and after 17th March 1998, subject to the following transitional provisions.
In those provisions—
“before commencement” and “after commencement” mean, respectively, before 17th March 1998 and on or after that date; and
“the new section 98” means the section as substituted by subsection (1) above.
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