336Meaning of “rent receivable in connection with a UK section 12(4) concern”U.K.
(1)For the purposes of this Chapter rent is receivable in connection with a UK section 12(4) concern if—
(a)it is receivable in respect of an estate, interest or right in or over land in the United Kingdom, and
(b)the estate, interest or right is used, occupied or enjoyed in connection with a concern listed in section 12(4).
(2)For the purposes of this Chapter rent is also receivable in connection with a UK section 12(4) concern if—
(a)it is receivable in respect of an estate, interest or right in or over land in the United Kingdom,
(b)the lease or other agreement under which it is receivable provides for its recoupment by reducing royalties or payments of a similar nature, and
(c)the reduction applies if the estate, interest or right is used, occupied or enjoyed in connection with a concern listed in section 12(4).
(3)In this Chapter “rent” includes—
(a)a receipt mentioned in section 266(3), and
(b)any other receipt in the nature of rent.