Corporation Tax Act 2009 section 217

Lease premiums

Section 217 provides that the rules on taxing lease premiums as trading receipts do not apply to leases granted under contracts entered into before 4 April 1963.

• Section 217 sets out the tax treatment of premiums received in connection with the granting of leases.
• This transitional provision disapplies section 217 for leases granted pursuant to contracts made before 4 April 1963.
• If the contract for the lease was entered into on or after 4 April 1963, section 217 applies in the normal way.
• The cut-off date of 4 April 1963 reflects the date from which lease premium rules were originally introduced into tax legislation.