BLM72001 - Schedule 12 FA 1997:
relief for set-offs against rentals: avoidance of double taxation -
rental excesses
This chapter is concerned with the reliefs for set-off
against rentals otherwise taxable of any 'cumulative accountancy
rental excess' and 'cumulative normal rental excess'.
Where, for a period of account:
- the accountancy rental earnings exceed the
normal rent, there is an “accountancy rental excess”;
and
- the normal rent exceeds the accountancy
rental earnings, there is a “normal rent excess”.
