Income Tax (Trading and Other Income) Act 2005 section 300

Statement of accuracy for purposes of section 282

Section 300 provides a mechanism by which certain persons involved in a lease transaction can obtain HMRC certification that a statement about any taxable receipt arising from the assignment of a lease granted at undervalue is accurate.

• The landlord who granted the lease, a person who assigned it, or a person to whom it was assigned may submit a statement to HMRC
• The statement must show whether there is, or may be, a taxable receipt under section 282 (assignments for profit of a lease granted at undervalue) and the amount of any such receipt
• An HMRC officer must certify the statement as accurate if satisfied that it is correct
• This certification process provides certainty to the parties involved regarding the tax treatment of the lease assignment