Additional calculation rules for reducing certain receipts

Legislation/Regulatory – ITTOIA2005 s. 287-290
HMRC Guidance – CG70900 ; PIM1208 ; PIM1209 ; PIM2310 ; PIM2320

Allowable deductions

Generally

Legislation/Regulatory – CTA2009 s. 62, 63, Sch. 2, para. 18-20
HMRC Guidance – BIM15025 ; CG71200 ; PIM4235 ; PIM4238

Mineral extraction allowances, limit on

Legislation/Regulatory – CTA2009 s. 64
HMRC Guidance – PIM4235

Not occupying land but dealing with land

Legislation/Regulatory – CTA2009 s. 65

Restrictions on expenses

Legislation/Regulatory – CTA2009 s. 66, 67
HMRC Guidance – PIM4235 ; PIM4703

Amount treated

Commentary – Tax Reporter ¶300-120

Amount treated as a receipt

Legislation/Regulatory – ITTOIA2005 s. 277
HMRC Guidance – BLM00335 ; PIM1202 ; PIM1205 ; PIM1218

Any lease

Legislation/Regulatory – ITTOIA2005 s. 276

Assignment of lease granted at undervalue

Certification from HMRC

Commentary – Tax Reporter ¶300-150

Grant at an undervalue

Commentary – Tax Reporter ¶300-150

Profit on an assignment

Commentary – Tax Reporter ¶300-150

Capital gains tax

Commentary – Essential Tax Companion ¶15635 ; Hardman's Tax Rates and Tables ¶7-070

Charge to tax

Legislation/Regulatory – ITTOIA2005 s. 60-67

Chargeable gains/allowable losses

Legislation/Regulatory – TCGA92 Sch. 8, para. 2-7
HMRC Guidance – CG70840

Corporation tax

Appeals against determinations

Commentary – Tax Reporter ¶711-575

Assignment of lease granted at undervalue

Commentary – Tax Reporter ¶711-450

Deductions

Commentary – Tax Reporter ¶711-525

Generally

Commentary – Tax Reporter ¶711-325

Instalment payments

Commentary – Tax Reporter ¶711-600

Leases, meaning

Commentary – Tax Reporter ¶711-350

Lieu of rent

Commentary – Tax Reporter ¶711-375

Premiums, meaning

Commentary – Tax Reporter ¶711-350

Reduction in amount of premium charged

Commentary – Tax Reporter ¶711-525

Revenue deduction, as

Commentary – Tax Reporter ¶711-525

Reverse premiums

Commentary – Tax Reporter ¶711-550

Sale of land with lease back

Commentary – Tax Reporter ¶711-500

Sale of land with right to reconveyance

Commentary – Tax Reporter ¶711-475

Short leases

Commentary – Tax Reporter ¶711-375 ; Tax Reporter ¶711-400

Surrender of short-term lease

Commentary – Tax Reporter ¶711-400

Variation or waiver of lease terms, payment for

Commentary – Tax Reporter ¶711-425
Case Law – Banning v. Wright (H.M. Inspector of Taxes)

Corporation tax receipts and deductions

Legislation/Regulatory – ITTOIA2005 s. 296, 297, 298

Dealers in land

Legislation/Regulatory – ITTOIA2005 s. 158
HMRC Guidance – BIM51525 ; BIM66655

Deductions for

Commentary – Tax Reporter ¶216-350 ; Tax Reporter ¶300-180 ; Tax Reporter ¶708-210
HMRC Guidance – BIM46255

Deductions related payment

Commentary – Tax Reporter ¶300-300–Tax Reporter ¶300-320

Delayed premiums or lump sum rents

Commentary – Essential Tax Companion ¶22215 ; Essential Tax Companion ¶7215

Determinations affecting liability of more than one person

Appeals against

Legislation/Regulatory – ITTOIA2005 s. 302A, 302B

Tribunal by

Legislation/Regulatory – ITTOIA2005 s. 302C

Disposals under finance arrangements

Legislation/Regulatory – ITTOIA2005 s. 281A

Duration of a lease

Paid for grant of a lease of less than 50 years

Commentary – Essential Tax Companion ¶22205 ; Essential Tax Companion ¶7205

Employer-provided accommodation

Commentary – Tax Reporter ¶414-675
Legislation/Regulatory – FA2009 s. 71(4)-(6) ; ITEPA2003 s. 105(4)-(4B), 105A, 105B
HMRC Guidance – EIM11410 ; EIM11432 ; EIM11502

Generally

Commentary – Tax Reporter ¶300-110 ; Essential Tax Companion ¶7200

Grant of lease at undervalue

Commentary – Essential Tax Companion ¶22210 ; Essential Tax Companion ¶7235

Grant of lease at undervalue, assignment for profit

Generally

Legislation/Regulatory – ITTOIA2005 s. 282, 283, 287-290
HMRC Guidance – CG71210 ; PIM1222

Statement of accuracy

Legislation/Regulatory – ITTOIA2005 s. 300
HMRC Guidance – PIM1222

Income tax

Commentary – Hardman's Tax Rates and Tables ¶7-070

Inducement payments

– see Inducement payments

Meaning

Legislation/Regulatory – ITTOIA2005 s. 306, 307
HMRC Guidance – PIM1207

Payment by installments

Commentary – Tax Reporter ¶300-200

Payment of tax by instalments

Legislation/Regulatory – ITTOIA2005 s. 299

Payments in lieu of rent

Commentary – Tax Reporter ¶300-120

Receipts from property business

Additional calculation rules for reducing certain receipts

Legislation/Regulatory – CTA2009 s. 227-230
HMRC Guidance – CG70900 ; PIM1203 ; PIM1208 ; PIM1209 ; PIM2310 ; PIM2320

Amounts treated as receipts

Legislation/Regulatory – CTA2009 s. 217, 221A
HMRC Guidance – PIM1202 ; PIM1205 ; PIM1218

Assignment for profit of lease granted at undervalue

Legislation/Regulatory – CTA2009 s. 222, 223, 237, Sch. 2, para. 38
HMRC Guidance – CG71210

Meaning of premium

Legislation/Regulatory – CTA2009 s. 247, Sch. 2, para. 48

Payment of tax by instalments

Legislation/Regulatory – CTA2009 s. 236
HMRC Guidance – PIM1220

Pre-commencement receipts

Legislation/Regulatory – CTA2009 Sch. 2, para. 39, 40

Reduction of

Legislation/Regulatory – CTA2009 s. 136

Short-term lease

Legislation/Regulatory – CTA2009 s. 216, 217

Sums paid

Legislation/Regulatory – CTA2009 s. 246, Sch. 2, para. 48
HMRC Guidance – CIRD12640 ; PIM1207

Sums payable instead of rent

Legislation/Regulatory – CTA2009 s. 219, Sch. 2, para. 36
HMRC Guidance – PIM1214 ; PIM1218

Sums, meaning

Legislation/Regulatory – CTA2009 s. 247

Surrender of lease, sums payable

Legislation/Regulatory – CTA2009 s. 220, Sch. 2, para. 37
HMRC Guidance – PIM1218 ; PIM2305

Tenant to carry out works

Legislation/Regulatory – CTA2009 s. 218
HMRC Guidance – BIM64365 ; CG70840 ; PIM1212

Variation or waiver in terms of lease, sums payable

Legislation/Regulatory – CTA2009 s. 221, 221A
HMRC Guidance – PIM1216 ; PIM1218

Reconveyances

Commentary – Essential Tax Companion ¶7225

Reduction in amount of premium charged

Commentary – Tax Reporter ¶300-180

Rent, sums payable instead of

Legislation/Regulatory – ITTOIA2005 s. 279, 287-290
HMRC Guidance – PIM1214 ; PIM1218

Rent, treatment as

Commentary – Essential Tax Companion ¶22200 ; Essential Tax Companion ¶7200

Revenue deduction, as

Commentary – Tax Reporter ¶300-180

Reverse

– see Reverse premiums

Reverse premiums

– see also Inducement payments; Reverse premiums

Generally

Commentary – Essential Tax Companion ¶22260 ; Essential Tax Companion ¶7260

Sale and leaseback

Commentary – Essential Tax Companion ¶22230 ; Essential Tax Companion ¶7230

Sale of land with leaseback

Commentary – Tax Reporter ¶300-170

Sale of land with right to reconveyance

Commentary – Tax Reporter ¶300-160

Short leases

Generally

Commentary – Hardman's Tax Rates and Tables ¶3-290 ; Hardman's Tax Rates and Tables ¶7-070

Grant of lease at undervalue

Commentary – Essential Tax Companion ¶22210 ; Essential Tax Companion ¶7235

Lump sum rents and surrender payments

Commentary – Essential Tax Companion ¶22215 ; Essential Tax Companion ¶7215

Portion of premium treated as rent

Commentary – Essential Tax Companion ¶22210 ; Essential Tax Companion ¶7210

Premium foregone treated as income

Commentary – Essential Tax Companion ¶22235 ; Essential Tax Companion ¶7235

Sale and leaseback income charges

Commentary – Essential Tax Companion ¶22230 ; Essential Tax Companion ¶7230

Sale proceeds as income where right to reconveyance

Commentary – Essential Tax Companion ¶22225 ; Essential Tax Companion ¶7225

Waiver or variation of terms

Commentary – Essential Tax Companion ¶22220 ; Essential Tax Companion ¶7220

Short-term lease

Generally

Legislation/Regulatory – ITTOIA2005 s. 277

Meaning

Legislation/Regulatory – ITTOIA2005 s. 276

Short-term leases

Generally

Commentary – Tax Reporter ¶300-120

Surrender of

Commentary – Tax Reporter ¶300-130

Surrender of lease, sums payable for

Legislation/Regulatory – ITTOIA2005 s. 280, 287-290
HMRC Guidance – PIM1218 ; PIM2305

Taxed leases, relief from charge

Commentary – Tax Reporter ¶300-180 ; Tax Reporter ¶711-525

Variation or waiver of term of lease, sums payable for

Legislation/Regulatory – ITTOIA2005 s. 281, 287-290
HMRC Guidance – CFM73280 ; PIM1216 ; PIM1218

Variations and waivers, payments for

Commentary – Tax Reporter ¶300-140
Case Law – Banning v. Wright (H.M. Inspector of Taxes)

Waiver or variation of terms

Commentary – Essential Tax Companion ¶22220 ; Essential Tax Companion ¶7220

Work done by tenant

Commentary – Essential Tax Companion ¶7210

Work required on premises

Legislation/Regulatory – ITTOIA2005 s. 278
HMRC Guidance – CG70840 ; PIM1212