Section 681B OverviewF1
This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—
consideration received for the assignment or surrender of the first lease is taxed as a receipt of a trade, profession or vocation or charged to income tax, and
tax relief is allowed for rent under the other lease.
The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.
Annotations
Textual amendments
- F1
Pt. 12A Ch. 2 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 3 (with Sch. 9 paras. 1-9, 22)
Notes on Part 12A
Textual amendments
- F1
Pt. 12A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 2 (with Sch. 9 paras. 1-9, 22)