Corporation Tax Act 2010 section 862

Lease, lessee, lessor and rent

Section 862 defines the key terms "lease", "lessee", "lessor" and "rent" as they are used throughout this Chapter of the Act.

• A "lease" is broadly defined to include agreements for a lease and any tenancy, but specifically excludes mortgages (including Scottish equivalents such as standard securities).
• References to "lessee" and "lessor" follow the same broad definition of lease and also extend to their successors in title.
• "Rent" includes payments made by a tenant for maintenance or repair work on the leased premises, even where the lease does not oblige the tenant to carry out that work.
• "Premises" for the purpose of the rent definition includes land as well as buildings.