Section 849 | Overview of Chapter

(1)This Chapter provides that in certain circumstances where a lease of land is assigned or surrendered and another lease is granted or assigned—

(a)consideration received for the assignment or surrender of the first lease is taxed as a trade receipt or charged to corporation tax on income, and

(b)tax relief is allowed for rent under the other lease.

(2)The Chapter provides that in certain circumstances where a lease is varied it is treated as surrendered and another lease is treated as granted.