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292Tenants under taxed leases treated as incurring expenses

(1)    The tenant under a taxed lease is treated as incurring an expense of a revenue nature in respect of the premises subject to the taxed lease for each qualifying day.

(2)    If there is more than one taxed receipt, this section applies separately in relation to each of them.

(3)    A day is a “qualifying day”, in relation to a taxed receipt, if it falls within the receipt period of the taxed receipt.

(4)    The amount of the expense for the qualifying day by reference to the taxed receipt is given by the formula—

A / TRP

where—

A is the unreduced amount of the taxed receipt, and

TRP is the number of days in the receipt period of the taxed receipt.

(5)    This section is subject to sections 293 and 294 (restrictions on expenses where the additional calculation rule is relevant).

(6)    For the meaning of expressions used in this section, see in particular—

section 288(6) (“receipt period”), and

section 290(2) to (4) (“unreduced amount”).

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Company Law & Business Entities92 Personal Taxes93 Companies & Corporate Bodies92 Income Tax93 Trading Income93 Corporation Tax99 Tax Law93

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