Corporation Tax Act 2009 section 247

Interpretation

Section 247 defines key terms used in this Chapter, including "premium" and "sum", and explains how the Chapter applies in Scotland.

• A "premium" covers any payment or similar sum made to the immediate landlord, a superior landlord, or any person connected with them.
• A "sum" is not limited to cash — it includes the value of any form of consideration, whether monetary or otherwise.
• In Scotland, "premium" specifically includes a grassum (a lump sum paid by a tenant to a landlord), and "reversion" means the landlord's interest in the property subject to the lease.
• In Scotland, where a lease is granted out of a taxed lease, this is treated as the grant of a sublease of the land subject to the taxed lease, and references to the lease so granted are read as references to the sublease.