Taxation of Chargeable Gains Act 1992 Schedule 8 paragraph 10

Interpretation

Section 10 defines the key terms used throughout the lease-related provisions of the Act, including what constitutes a "lease", a "premium", and how these terms apply in different contexts.

• For land, "lease" is broadly defined to include underleases, subleases, tenancies, licences, agreements for any of these, and equivalent interests for land outside the UK
• For property other than land, "lease" means any agreement or arrangement under which payments are made for the use of, or otherwise in respect of, that property
• A "premium" includes any similar lump sum paid to an intermediate or superior landlord, and any non-rent payment made on or in connection with granting a tenancy is presumed to be a premium unless other sufficient consideration can be demonstrated
• In Scotland, "premium" specifically includes a grassum payable to any landlord or intermediate landlord on the creation of a sublease