51. Assignment of lease granted at an undervalue.

If there is an assignment at a profit1 of a short-term lease2 which was granted at an undervalue3, the person who assigns the lease is treated as entering into a transaction for the purposes of his UK property business (or, if the land is outside the United Kingdom, his overseas property business)4 and as receiving the specified amount as a result of that transaction; and that amount is brought into account as a receipt in calculating the profits of the property business which consists of or includes that transaction for the tax year in which the consideration for the