Income Tax (Trading and Other Income) Act 2005 section 364

Meaning of "lease" and "premises"

Section 364 defines the terms "lease" and "premises" as used throughout the property income provisions of the Act.

• A "lease" is defined broadly to include any agreement for a lease (where the context allows) and any tenancy
• A mortgage is specifically excluded from the definition of a lease
• "Premises" is defined widely to include land, not just buildings or structures
• These definitions apply throughout the property income part of the Act, ensuring consistent interpretation