Finance Leasing Manual - FLM33.01

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 will be an `accountancy rental excess`; and

• the normal rent exceeds the accountancy rental earnings, there will be a `normal rent excess`.