Yn ddilys o 21/07/2008
[F1502GBCases where ss. 502B to 502G do not apply: lessor also lessee under non-long funding leaseU.K.
(1)This section applies if—
(a)a company is the lessee of any plant or machinery under a lease (“lease A”) that is not a long funding lease,
(b)it enters into a lease (“lease B”) of any of that plant or machinery (as lessor), and
(c)lease B is a long funding lease.
(2)Sections 502B to 502G do not apply in relation to lease B.
(3)If by virtue of section 70H of the Capital Allowances Act (tax return by lessee treating lease as long funding lease) lease A becomes a long funding lease (and does not cease to be such a lease), treat this section as never having applied in relation to lease B.]
Textual Amendments
F1S. 502GB inserted (with effect in accordance with Sch. 20 para. 9(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(3)