Section 247 — Corporation Tax Act 2009: Interpretation

Interpretation 247 1 In this Chapter “ premium ” includes any similar sum payable to the immediate or a superior landlord or to a person connected with such a person.

2 In subsection (1) “ sum ” includes the value of any consideration.

3 In the application of this Chapter to Scotland— “ premium ” includes, in particular, a grassum payable to the landlord under the lease in respect of which the grassum is payable or the landlord under any other lease of the property, and “ reversion ” means the interest of the landlord in the property subject to the lease.

4 In the application of this Chapter to Scotland—

a references to a lease being granted out of a taxed lease are to the grant of a sublease of land subject to the taxed lease, and b references to the lease so granted are to be read as references to the sublease.