Interpretation
1. In this Schedule, "premium" includes any like sum, whether payable to the intermediate or a superior lessor and, for the purposes of this Schedule, any sum (other than rent) paid on or in connection with the granting of a tenancy shall be presumed to have been paid by means of a premium except in so far as other sufficient consideration for the payment is shown to have been given.
Leases of land as wasting assets: restriction of allowable expenditure
(1) A lease of land shall not be a wasting asset until its duration does not exceed 50 years.
(2) Where at the beginning of the period of ownership of a lease of land it is subject to a sub-lease not at a rent representing the full value of the land together with any buildings on the land, and the value of the lease at the end of the duration of the sub-lease, estimated as at the beginning of the period of ownership, exceeds the expenditure allowable under section 552(1)(a) in computing the gain accruing o
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