Section 247 Interpretation

(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.

Notes on Chapter 4

C1: Pt. 4 Ch. 4 applied by 2010 c. 8, s. 436(8) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))