Part 4Property income

Chapter 4Profits of property businesses: lease premiums etc

Other interpretative provisions

247Interpretation

1

In this Chapter “premium” includes any similar sum payable to the immediate or a superior landlord or to a person connected with such a person.

2

In subsection (1) “sum” includes the value of any consideration.

3

In the application of this Chapter to Scotland—

  • “premium” includes, in particular, a grassum payable to the landlord under the lease in respect of which the grassum is payable or the landlord under any other lease of the property, and

  • “reversion” means the interest of the landlord in the property subject to the lease.

4

In the application of this Chapter to Scotland—

a

references to a lease being granted out of a taxed lease are to the grant of a sublease of land subject to the taxed lease, and

b

references to the lease so granted are to be read as references to the sublease.