Part 3Industrial buildings allowances

Chapter 12Supplementary provisions

360Meaning of “lease” etc.

(1)

In this Part “lease” includes—

(a)

an agreement for a lease if the term to be covered by the lease has begun, and

(b)

any tenancy,

but does not include a mortgage (and “lessee”, “lessor” and “leasehold interest” are to be read accordingly).

(2)

In the application of this Part to Scotland—

(a)

“leasehold interest” (or “leasehold estate”) means the interest of a tenant in property subject to a lease, and

(b)

any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.