Section 279 | Extent of charge to tax

(1)Rent receivable for a UK electric-line wayleave is not chargeable to tax under this Chapter for an accounting period if—

(a)a company carries on a UK property business in relation to some or all of the land to which the wayleave relates, and

(b)receipts (other than rents receivable for UK electric-line wayleaves) in respect of some or all of that land are brought into account in calculating the profits of the business of the accounting period.

(2)In such a case, the rent receivable for the UK electric-line wayleave is brought into account in calculating the profits of the company's UK property business.

(3)The rules for determining whether an amount is chargeable to tax under this Chapter also need to be read with section 45(2) (payments for wayleaves if company carries on a trade).

(4)That subsection secures that an amount which would otherwise be chargeable to tax under this Chapter may be brought into account instead in calculating the profits of a trade.