Corporation Tax Act 2009 section 237

Statement of accuracy for purposes of section 222

Section 237 provides a mechanism for HMRC to certify the accuracy of statements relating to taxable receipts arising from assignments of leases originally granted at an undervalue.

• Where a lease has been granted at an undervalue and subsequently assigned, certain parties may provide HMRC with a statement about whether a taxable receipt arises and, if so, its amount.
• The parties who may provide such a statement are the landlord who granted the lease, a company that assigned it, or a person to whom it was assigned.
• An HMRC officer must certify the statement as accurate if satisfied that it is correct.
• This certification process supports the rules in section 222 that tax profits made on the assignment of leases originally granted below market value.