SCHEDULE 4 Sale and Lease-Back etc: New Part 12A of ITA 2007
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

SCHEDULE 4 Sale and Lease-Back etc: New Part 12A of ITA 2007

Section 368

1

ITA 2007 is amended as follows.

2

After section 681 insert—

“Part 12A
Sale and Lease-Back etc
Chapter 1
Payments Connected with Transferred Land
Overview
681´¡Ìý°¿±¹±ð°ù±¹¾±±ð·É

This Chapter provides that in certain circumstances where a transfer is made regarding land, and the transferor or an associate becomes liable to make a payment connected with the land, income tax relief for the payment is restricted.

Application of the Chapter
681AA Transferor or associate becomes liable for payment of rent

(1)     Section 681AD has effect if—

(a)     land, or an estate or interest in land, is transferred,

(b)     the transferor, or a person associated with the transferor, becomes liable to make a payment of rent under a lease of the land or part of it, and

(c)     a deduction by way of relevant income tax relief (see section 681AC) is allowed for the payment.

(2)     Section 681AE has effect if—

(a)     land, or an estate or interest in land, is transferred,

(b)     the transferor, or a person associated with the transferor, becomes liable to make a payment of

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