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Finance Act 2004

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Changes over time for: Paragraph 5

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Point in time view as at 31/10/2006.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2004, Paragraph 5. Help about Changes to Legislation

5(1)For the purposes of paragraph 4 the annual value of the relevant land is the rent which might reasonably be expected to be obtained on a letting from year to year if—U.K.

(a)the tenant undertook to pay all taxes, rates and charges usually paid by a tenant, and

(b)the landlord undertook to bear the costs of the repairs and insurance and the other expenses (if any) necessary for maintaining the property in a state to command that rent.

(2)For the purposes of sub-paragraph (1) that rent—

(a)is to be taken to be the amount that might reasonably be expected to be so obtained in respect of a letting of the land, and

(b)is to be calculated on the basis that the only amounts that may be deducted in respect of services provided by the landlord are amounts in respect of the cost to the landlord of providing any relevant services.

(3)In this paragraph “relevant service” means a service other than the repair, insurance or maintenance of the premises.

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