40. Deductions from premiums and rent received.

A tenant under a taxed lease1 is treated, for the purposes of calculating the profits of a UK property business2 carried on by him, as incurring an expense of a revenue nature in respect of the premises3 subject to the taxed lease for each qualifying day4.

A day is a 'qualifying day' in relation to a taxed receipt, if it falls within the receipt period of the taxed receipt; and a deduction is allowed for a qualifying day on which the whole or part of the premises subject to the taxed lease is occupied by the tenant for the purposes