[SCHEDULE 17A Further Provisions Relating to Leases]
Finance Act 2003 (2003 c 14) | Legislation

[SCHEDULE 17A Further Provisions Relating to Leases]

[Section 120]

[Meaning of “leaseâ€

1

[In this Part] “lease†means—

(a)     an interest or right in or over land for a term of years (whether fixed or periodic), or

(b)     a tenancy at will or other interest or right in or over land terminable by notice at any time.

Leases for a fixed term

2

In the application of the provisions of this Part to a lease for a fixed term, no account shall be taken of—

(a)     any contingency as a result of which the lease may determine before the end of the fixed term, or

(b)     any right of either party to determine the lease or renew it.

Leases that continue after a fixed term

3

(1)     This paragraph applies to—

(a)     a lease for a fixed term and thereafter until determined, or

(b)     a lease for a fixed term that may continue beyond the fixed term by operation of law.

(2)     For the purposes of this Part (except [sections 77 and 77A] (notifiable transactions)), a lease to which this paragraph applies is treated—

(a)     in the first instance

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