Section 681BM — Income Tax Act 2007: Lease, lessee, lessor and rent

Lease, lessee, lessor and rent 681BM 1 This section applies for the purposes of this Chapter. 2 “ Lease ” includes—

a an agreement for a lease, and b any tenancy. 3 “ Lease ” does not include a mortgage.

4 A reference to a lessee or lessor—

a is to be read in accordance with subsections (2) and (3),

and b includes a reference to the successors in title of a lessee or lessor. 5 “ Rent ” includes a payment by a tenant for work to maintain or repair leased premises which the lease does not require the tenant to carry out; and “premises” here includes land.

6 In the application of this section to Scotland “ mortgage ” means—

a a standard security, or b a heritable security, as defined in the Conveyancing (Scotland) Act 1924, but including a security constituted by ex facie absolute disposition or assignation.