
Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Chapter
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 282


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 07/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 282.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
282Assignments for profit of lease granted at undervalueU.K.
This section has no associated Explanatory Notes
(1)This section applies to an assignment of a short-term lease if—
(a)the lease was granted at an undervalue, and
(b)a profit is made on the assignment.
(2)The person who assigns the lease is treated as—
(a)entering into a transaction mentioned in section 264 (if the land to which the lease relates is in the United Kingdom) or section 265 (if that land is outside the United Kingdom), and
(b)receiving the amount calculated under subsections (4) and (5) as a result of that transaction.
(3)That amount is brought into account as a receipt in calculating the profits of the property business which consists of or includes that transaction for the tax year in which the consideration for the assignment becomes payable.
(4)The amount of the receipt is given by the formula—
where—
P is the lesser of—
(a) the profit on the assignment, and
(b) the amount by which the undervalue exceeds the total of the profits (if any) made on previous assignments of the lease, and
Y is the number of complete periods of 12 months (other than the first) comprised in the effective duration of the lease.
(5)But, if the rule in section 288 (the additional calculation rule) applies, the amount given by the formula in subsection (4) is reduced by the amount calculated in accordance with section 288.
(6)Section 283 explains references in this section to the grant of a lease at an undervalue and the making of a profit on an assignment of a lease.
Back to top