Section 681AL — Income Tax Act 2007: Lease and rent

Lease and rent 681AL 1 This section applies for the purposes of this Chapter.

2 A reference to a lease includes a reference to any of the following—

a an underlease, sublease, tenancy or licence, and b an agreement for a lease, underlease, sublease, tenancy or licence, and c in the case of land outside the United Kingdom, an interest corresponding to a lease (as defined here).

3 A reference to rent includes a reference to any payment under a lease.

4 A reference to rent under a lease includes a reference to expenses which the tenant under the lease is treated as incurring in respect of the land subject to the lease under any of—

a sections 61 to 67 of ITTOIA 2005 (land occupied for trade purposes),

and b sections 292 to 297 of that Act (taxed leases).

5 Expenses within subsection (4) must be treated as having been paid as soon as they were incurred.