Section 270IH Meaning of “lease” etcF1

(1)

In this Part “lease” includes—

(a)

an agreement for a lease if the term to be covered by the lease has begun,

(b)

any tenancy, and

(c)

in the case of land outside the United Kingdom, an interest corresponding to a lease,

but does not include a mortgage (and “lessee”, “lessor” and “leasehold interest” are to be read accordingly).

(2)

In the application of this Part to Scotland—

(a)

“leasehold interest” (or “leasehold estate”) means the interest of a tenant in property subject to a lease, and

(b)

any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.

Annotations

Textual amendments

F1: Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2