Capital Allowances Act 2001 section 360Z4

Meaning of "lease" etc.

Section 360Z4 defines the term "lease" and related expressions used throughout this Part of the Act, including specific provisions for how these terms apply in Scotland.

• A "lease" includes any tenancy and any agreement for a lease where the lease term has already begun, but it does not include a mortgage.
• The terms "lessee", "lessor" and "leasehold interest" must be read consistently with this definition of "lease".
• In Scotland, "leasehold interest" or "leasehold estate" means the interest of a tenant in property that is subject to a lease.
• In Scotland, a reference to an interest that is reversionary on a lease is to be read as a reference to the landlord's interest in the property subject to that lease.