# Income Tax Act 2007, Section 681B: Overview


(1) This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—
(a) 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
(b) tax relief is allowed for rent under the other lease.
(2) The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/681B (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-681B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.