Corporation Tax Act 2009 section 48

Lease premiums: meaning of "premium"

Section 48 modifies how the definition of "premium" applies for leases granted during a specific historical period between June 1969 and August 1971.

• This provision applies only to leases granted after 12 June 1969 and before 25 August 1971.
• For such leases, the wider anti-avoidance provisions about premiums in section 246(4) and (5) are disapplied.
• The extension of the rules to connected persons, found in section 247(1), is also removed for leases in this period.
• Section 247(2) is entirely disapplied for leases granted within this window.