Capital Allowances Act 2001 section 331

Capital value provisions: interpretation

Section 331 defines the key terms used in the capital value provisions that apply when the capital value of an enterprise zone building is realised.

• "Capital value" means any capital sum (including non-cash equivalents), but excludes amounts already taxed as property business receipts under the lease premium rules
• "Interest in land" covers leasehold estates (head leases, sub-leases, and under-leases), easements or servitudes, and licences to occupy land — and includes agreements to grant such interests
• "Commercial amount", "commercial premium", and "commercial rent" all refer to what would apply if the relevant transaction had been conducted at arm's length
• In Scotland, references to "assignment" are read as references to "assignation"