Textual Amendments
F1Pt. 12A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 4 para. 2 (with Sch. 9 paras. 1-9, 22)
(1)Subsection (3) applies to the calculation of the relevant deduction from earnings allowed for the non-excluded element of the payment within section 681AA(2) or 681AB(2).
(2)For the purposes of this section the non-excluded element of a payment is the element of the payment not excluded under section 681AI (service charges etc).
(3)The deduction must not exceed the commercial rent for the period for which the payment is made (see section 681AJ or 681AK).
(1)This section applies if—
(a)section 681AE has effect, and
(b)conditions A and B are met.
(2)Condition A is that under section 681AE part of a payment which would otherwise be allowed as a relevant deduction from earnings is not allowed.
(3)Condition B is that one or more later payments are made, by the transferor or a person associated with the transferor, under—
(a)the lease (if section 681AE has effect because of section 681AA(2)), or
(b)the rentcharge or other transaction mentioned in section 681AB(2)(b) (if section 681AE has effect because of section 681AB(2)).
(4)The part of the payment mentioned in subsection (2) may be carried forward and treated for the purposes of a relevant deduction from earnings as if it were made—
(a)when the next of the later payments is made, and
(b)for the period for which that later payment is made.
(5)So far as a part of a payment carried forward under this section is not allowed as a relevant deduction from earnings, it may be carried forward again under this section.
(1)This section applies for the purposes of section 681AE.
(2)If more than one payment is made for the same period, the payments must be taken together.
(3)If payments are made for periods which overlap—
(a)the payments must be apportioned, and
(b)the apportioned payments which belong to the common part of the overlapping periods must be taken together.
(4)References in subsections (2) and (3) to payments include references to parts of payments which under section 681AF are treated as if made later than they were made.
(1)This section applies for the purposes of sections 681AE to 681AG.
(2)For the purposes of this section the relevant year, in relation to a payment, is the year which begins with the date it is made.
(3)If a payment is made for a period all of which is after the relevant year, it must be treated as made for the relevant year.
(4)If a payment is made for a period part of which is after the relevant year, it must be treated as if a corresponding part of it was made for the relevant year (and no part for a later period).]