{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-276",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-276.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/276",
  "kind": "section",
  "number": "276",
  "heading": "Introduction",
  "text": "(1) This Chapter provides for certain amounts (which would otherwise generally be amounts of a capital nature) to be brought into account as receipts in calculating the profits of a property business.\n(2) The amounts relate to short-term leases in the case of—\nsection 277 (lease premiums),\nsection 278 (amount treated as lease premium where work required),\nsection 280 (sums payable for surrender of lease), and\nsection 282 (assignments for profit of lease granted at undervalue).\n(3) The amounts relate to any lease in the case of—\nsection 279 (sums payable instead of rent), and\nsection 281 (sums payable for variation or waiver of terms of lease).\n(4) The amounts relate to the sale of any estate or interest in land in the case of—\nsection 284 (sales with right to reconveyance), and\nsection 285 (sale and leaseback transactions).\n(5) This Chapter also permits certain deductions in calculating the profits of property businesses carried on by tenants under certain leases (see sections 291 and 292 ; but see also section 276A).\n(6) In this Chapter “short-term lease” means a lease whose effective duration is 50 years or less.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 276(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 614 (with Sch. 2 Pts. 1, 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 276(5) inserted (16.11.2017) (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 21"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/276",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}