849Overview of Chapter
This section has no associated Explanatory Notes
(1)This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—
(a)consideration received for the assignment or surrender of the first lease is taxed as a trade receipt or charged to corporation tax on income, and
(b)tax relief is allowed for rent under the other lease.
(2)The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.