[F1614BIReduction of taxable rent by the cumulative accountancy rental excessU.K.
(1)This section applies if a period of account of the current lessor (“L”) is one for which—
(a)the normal rent in relation to the lease exceeds the accountancy rental earnings, and
(b)there is a cumulative accountancy rental excess.
(2)The taxable rent for the period of account is reduced by setting against it the cumulative accountancy rental excess (but not so as to reduce that rent below the amount of the accountancy rental earnings).
(3)But see section 614BL(3) and (4) (under which the amount of the cumulative accountancy rental excess which may be set against the taxable rent is limited in some circumstances).]
Textual Amendments
F1Pt. 11A Ch. 2 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 3 para. 3 (with Sch. 9 paras. 1-9, 22)