Taxation in the United Kingdom/Legislation/Section 39 of the Income and Corporation Taxes Act 1988

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This section provides a saving for pre-1963 leases.

Sections 34 (Treatment of premiums etc. as rent), 35 (Charge on assignment of lease granted at an undervalue) and 36 (Charge on sale of land with right to reconveyance) don't apply to a leased granted, or an estate or interest in land sold, before 6 April 1963 or in pursuance of a contact entered nto before 4 April 1963. However, s34(5), which refers to waivers and variations of leases, applies unless those waivers and variations are in pursuance of a contract entered into before 4 April 1963.