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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 215 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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- s. 1106(4A)-(4C) inserted by 2012 c. 14 Sch. 3 para. 14(3)
215Overview of ChapterU.K.
This section has no associated Explanatory Notes
(1)This Chapter provides for certain amounts (which would otherwise generally be amounts of a capital nature) to be brought into account as receipts in calculating the profits of a property business.
(2)The amounts relate to short-term leases in the case of—
section 217 (lease premiums),
section 218 (amount treated as lease premium where work required),
section 220 (sums payable for surrender of lease), and
section 222 (assignments for profit of lease granted at undervalue).
(3)The amounts relate to any lease in the case of—
section 219 (sums payable instead of rent), and
section 221 (sums payable for variation or waiver of terms of lease).
(4)The amounts relate to the sale of any estate or interest in land in the case of—
section 224 (sales with right to reconveyance), and
section 225 (sale and leaseback transactions).
(5)This Chapter also permits certain deductions in calculating the profits of property businesses carried on by tenants under certain leases (see sections 231 and 232).
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