67 Restrictions on section 61 expenses: corporation tax receipts [under ICTA]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

67  Restrictions on section 61 expenses: corporation tax receipts [under ICTA]

(1)     This section provides for the application of section 61 as a result of section 63 if—

(a)     a lease has been granted out of the taxed lease,

(b)     in calculating the amount of a corporation tax receipt in respect of the lease, there is a reduction under section 37(2) or (3) of ICTA by reference to the amount chargeable on the superior interest for the purposes of that section, and

(c)     the amount chargeable on the superior interest is the taxed receipt for the purposes of section 61.

(2)     Sections 61 and 63 to 65 apply

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