Related Commentary  Related HMRC Manuals

226(1)  This section operates for the purposes of sections 224 (sales with right to reconveyance) and 225 (sale and leaseback transactions).

226(2)  Subsection (3) explains how to determine for the purposes of section 224 the price at which an estate or interest is to be reconveyed when–

(a)the date on which the estate or interest would fall to be reconveyed is not fixed under the terms of the sale, and

(b)the price at which it is to be reconveyed varies with the date.

226(3)  The price is taken to be the lowest possible under the terms of the sale.

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