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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 226 is up to date with all changes known to be in force on or before 30 December 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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226Provisions supplementary to sections 224 and 225U.K.
This section has no associated Explanatory Notes
(1)This section operates for the purposes of sections 224 (sales with right to reconveyance) and 225 (sale and leaseback transactions).
(2)Subsection (3) explains how to determine for the purposes of section 224 the price at which an estate or interest is to be reconveyed when—
(a)the date on which the estate or interest would fall to be reconveyed is not fixed under the terms of the sale, and
(b)the price at which it is to be reconveyed varies with the date.
(3)The price is taken to be the lowest possible under the terms of the sale.
(4)Subsection (5) explains how to determine for the purposes of section 225 the total of—
(a)the amount of any premium for the lease, and
(b)the value on the date of the sale of the right to receive a conveyance of the reversion immediately after the lease begins to run,
when the date for the grant of the lease is not fixed under the terms of the sale and the total varies with the date.
(5)The total is taken to be the lowest possible under the terms of the sale.
(6)For the purposes of sections 224(3) and 225(4) (receipts of property business for accounting period in which estate or interest sold) an estate or interest in land is sold when any of the following occurs—
(a)an unconditional contract for its sale is entered into,
(b)a conditional contract for its sale becomes unconditional, or
(c)an option or right of pre-emption is exercised requiring the seller to enter into an unconditional contract for its sale.
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