207 Meaning of “annual rental value”
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Supplementary provisions

207  Meaning of “annual rental value”

(1)     For the purposes of this Chapter the “annual rental value” of land is the rent which might reasonably be expected to be obtained on a letting from year to year if—

(a)     the tenant undertook to pay all taxes, rates and charges usually paid by a tenant, and

(b)     the landlord undertook to bear the costs of the repairs and insurance and other expenses (if any)

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