SCHEDULE 8 Leases
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

SCHEDULE 8 Leases

Section 240

Leases of land as wasting assets: curved line restriction of allowable expenditure

1

(1)     A lease of land shall not be a wasting asset until the time when its duration does not exceed 50 years.

(2)     If at the beginning of the period of ownership of a lease of land it is subject to a sublease not at a rackrent and the value of the lease at the end of the duration of the sublease, estimated as at the beginning of the period of ownership, exceeds the expenditure allowable under section 38(1)(a) in computing the gain accruing on a disposal of the lease, the lease shall not be a wasting asset until the end of the duration of the sublease.

(3)     In the case of a wasting asset which is a lease of land the rate at which expenditure is assumed to be written off shall, instead of being a uniform rate as provided by section 46, be a rate fixed in accordance with the Table below.

(4)     Accordingly, for the purposes of the computation of the gain accruing on a disposal of a lease, and given that—

(a)     the percentage derived from the

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