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Finance Act 2006
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Valid from 19/07/2006
17(1)A lease is an excepted lease if the following conditions are met.U.K.
(2)Condition 1 is that before 21st July 2005 there was evidence in writing that there was agreement, or a common understanding, between the lessor's side and the lessee's side as to the principal terms of the lease (the “pre-existing heads of agreement”).
The definitions of “the lessor's side”, “the lessee's side” and “the principal terms” are in paragraph 27.
(3)Condition 2 is that the leased plant or machinery was under construction (see paragraph 24) before 1st April 2006.
(4)Condition 3 is that the lease has been finalised before 1st April 2007 (but see sub-paragraph (8)).
(5)Condition 4 is that the commencement of the term of the lease is before 1st April 2007 (but see sub-paragraph (8)).
(6)Condition 5 is that the lessee is the particular person or persons identified as such in the pre-existing heads of agreement.
(7)Condition 6 is that the principal terms of the lease are not (or, apart from section 70M of CAA 2001, would not be) materially different from those in the pre-existing heads of agreement.
(8)Sub-paragraphs (4) and (5) have effect with the substitution of “ 2009 ” for “2007” if the additional conditions in paragraph 18 are met.
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