Part 19Sale and lease-back etc
Chapter 4Leased assets: capital sums
Obtaining of sum
878Sum obtained in respect of lessee's interest
1
This section applies to a reference in this Chapter to a sum obtained in respect of the lessee's interest in a lease of an asset.
2
The reference includes a reference to sums representing the consideration in money or money's worth obtained on any of the following occasions—
a
a surrender of the interest to the lessor,
b
an assignment of the lease, and
c
the creation of a sublease or another interest out of the lease.
3
The reference also includes a reference to sums representing money or money's worth obtained in respect of the interest by a transaction or series of transactions under which the lessee's rights are merged in any way with the lessor's rights or with any other rights as respects the asset.
4
Subsection (3) applies so far as the money or money's worth is attributable to the lessee's rights under the lease.