Section 878 — Corporation Tax Act 2010: Sum obtained in respect of lessee's interest

Sum obtained in respect of lessee's interest 878 1 This section applies to a reference in this Chapter to a sum obtained in respect of the lessee's interest in a lease of an asset.

2 The reference includes a reference to sums representing the consideration in money or money's worth obtained on any of the following occasions—

a a surrender of the interest to the lessor, b an assignment of the lease, and c the creation of a sublease or another interest out of the lease.

3 The reference also includes a reference to sums representing money or money's worth obtained in respect of the interest by a transaction or series of transactions under which the lessee's rights are merged in any way with the lessor's rights or with any other rights as respects the asset.

4 Subsection (3) applies so far as the money or money's worth is attributable to the lessee's rights under the lease.