# Finance Act 1998, Paragraph 63

Extent: E+W+S+N.I.

(1) Schedule 8 to the Taxation of Chargeable Gains Act 1992 (leases) is amended as follows.
(2) In paragraph 5 (exclusion of premiums taxed under Schedule A, etc.)—
(a) in sub-paragraphs (1) and (2), for “income tax has become chargeable under section 34 of the Taxes Act on any amount" substitute “ any amount is brought into account by virtue of section 34 of the Taxes Act as a receipt of a Schedule A business (within the meaning of that Act) ”; and
(b) in sub-paragraph (3), for “income tax has become chargeable under section 36 of the Taxes Act (sale of land with right of re-conveyance) on any amount" substitute “ any amount is brought into account by virtue of section 36 of the Taxes Act (sale of land with right of re-conveyance) as a receipt of a Schedule A business (within the meaning of that Act) ”.
(3) In paragraph 6(2), for the words from “on which tax is paid" onwards substitute “ brought into account by virtue of section 35 of the Taxes Act (charge on assignment of a lease granted at an undervalue) as a receipt of a Schedule A business (within the meaning of that Act) ”.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) For paragraph 7A substitute—
“7A References in paragraphs 5 to 7 above to an amount brought into account as a receipt of a Schedule A business include references to an amount brought into account as a receipt of an overseas property business.”.

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Source: https://www.legislation.gov.uk/ukpga/1998/36/schedule/5/paragraph/63 (the official version)
Page: https://openlegislation.uk/finance-act-1998/schedule-5/paragraph-63
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.