[F1681DHSum obtained in respect of lessee's interestU.K.
(1)This section applies to a reference in this Chapter to a sum obtained in respect of the lessee's interest in a lease of an asset.
(2)The reference includes a reference to sums representing the consideration in money or money's worth obtained on any of the following occasions—
(a)a surrender of the interest to the lessor,
(b)an assignment of the lease, and
(c)the creation of a sublease or another interest out of the lease.
(3)The reference also includes a reference to sums representing money or money's worth obtained in respect of the interest by a transaction or series of transactions under which the lessee's rights are merged in any way with the lessor's rights or with any other rights as respects the asset.
(4)Subsection (3) applies so far as the money or money's worth is attributable to the lessee's rights under the lease.]
Textual Amendments
F1Pt. 12A Ch. 4 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. 4 para. 5 (with Sch. 9 paras. 1-9, 22)