BIM61210 - Leasing: avoidance:
assets other than land: extended meaning of ‘relieved
payments’
Payments within ICTA88/S781 are those that have been relieved in
any of the following ways:
- Allowance as a deduction in computing the
profits or gains or losses of a trade, profession or vocation or of
woodlands. (This does not apply to a payment or part of a payment
that is not effectively relieved because the whole or a part of the
period for which it would be allowed falls out of assessment under
the cessation provisions.)
- Allowance as a deduction in computing
profits or gains chargeable under Case VI of Schedule D, or in
computing any loss for which relief is allowable under ICTA88/S392
or ICTA88/S396.
- Allowance as a deduction in computing
profits or other income or gains chargeable to IT under or by
virtue of any provision to which ICTA88/S836B applies. (These
provisions are equivalent to the IT Case VI provisions that apply
for years up to 2004/05.)
- Allowance as expenses of management
(CTM08000 onwards).
- Allowance as a deduction from employment
income or in computing a loss in an employment.
