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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 223 is up to date with all changes known to be in force on or before 18 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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223Provisions supplementary to section 222U.K.
This section has no associated Explanatory Notes
(1)This section operates for the purposes of section 222.
(2)A lease is granted at an undervalue if the terms subject to which it was granted are such that the landlord who granted it could have required the payment of an additional sum by way of premium, or additional premium, for its grant.
(3)The additional sum is the undervalue.
(4)The test in subsection (2) must be applied—
(a)having regard to values prevailing at the time the lease was granted, and
(b)on the assumption that the negotiations for the lease were at arm's length.
(5)A profit is made on an assignment of a lease if the consideration for the assignment exceeds—
(a)if the lease has not previously been assigned, any premium for which it was granted, or
(b)in any other case, any consideration for which it was last assigned.
(6)The amount of the excess is the profit.
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