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Paragraph 12

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In computing any gain accruing to a person on a disposal of a lease which is a wasting asset, the current use value of the lease at the time of its acquisition by the person making the disposal shall be the fraction—

AB

  • of what its current use value at that time would be apart from this paragraph,

  • where—

    • A is equal to so much of the expenditure attributable to the lease under section 38(1)(a) and (b) as is not under paragraph 1 of Schedule 8 excluded therefrom for the purposes of the computation of the gain accruing on the disposal, and

    • B is equal to the whole of the expenditure which would be so attributable to the lease for those purposes apart from the said paragraph 1.

Notes on Schedule 2

Modifications

C1

Sch. 2 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 10

C2

Sch. 2 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 10 (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.

C3

Sch. 2 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 5 (with Sch. 7 para. 9(1))