C1

C2Part 4 Agricultural buildings allowances

Annotations:
Modifications etc. (not altering text)
C2

Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)

Chapter 2 The relevant interest

368 Provisions applying on ending of lease

1

This section applies if—

a

a lease which is the relevant interest comes to an end, and

b

section 367(1) does not apply.

2

If a new lease of the whole or a part of the related agricultural land is granted to the same lessee, the lessee is to be treated as continuing to have the same relevant interest in the whole of the related agricultural land.

3

If—

a

a new lease of the whole or a part of the related agricultural land is granted to a different lessee, and

b

that lessee (“the incoming lessee”) makes a payment to the outgoing lessee in respect of assets representing the qualifying expenditure,

the incoming lessee is to be treated as acquiring the relevant interest in the whole of the related agricultural land.

4

In any other case, the former lease and the interest of the lessor under it are to be treated as the same interest; and so the relevant interest in the whole of the related agricultural land is to be treated as acquired by the lessor.