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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Paragraph 30

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Version Superseded: 19/07/2006

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Point in time view as at 07/04/2005. This version of this provision has been superseded. Help about Status

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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 30. Help about Changes to Legislation

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30(1)Amend section 43G (interpretation) as follows.

(2)In subsection (2) in the definition of “rent” after “Schedule A” insert “ or, as the profits of a UK property business, under Chapter 3 of Part 3 of ITTOIA 2005 ”.

(3)In subsection (2) in the definition of “premium”—

(a)after “ “premium”” insert

(a)for the purposes of corporation tax, and

(b)after “section 34, and” insert—

(b)for the purposes of income tax has the meaning given by section 307(1) of ITTOIA 2005 (and, in relation to Scotland, section 307(3) of that Act), and includes—

(i)a sum payable by the tenant under the terms subject to which a lease is granted instead of the whole or a part of the rent for a period,

(ii)a sum payable by the tenant under those terms as consideration for the surrender (in Scotland, the renunciation) of the lease, and

(iii)a sum payable by the tenant (otherwise than by way of rent) as consideration for the variation or waiver of a term of a lease, and.

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