- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2008)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 01/04/2008.
There are currently no known outstanding effects for the Finance Act 1997, Paragraph 2.
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2(1)This Part of this Schedule applies in any case where (whether before or after the passing of this Act)—U.K.
(a)a lease of an asset is or has been granted; and
(b)in the case of the lease, the conditions in paragraph 3 below are or have been satisfied at some time in a period of account of the current lessor.
[F1(1A)This Part of this Schedule does not apply if or to the extent that, in the case of the current lessor, the lease falls to be regarded in accordance with Chapter 6A of Part 2 of the Capital Allowances Act 2001 as a long funding lease for the purposes of that Part.]
(2)Where the conditions in paragraph 3 below have been satisfied at some time in a period of account of the person who was at that time the lessor, they shall be taken to continue to be satisfied for the purposes of this Part of this Schedule unless and until—
(a)the asset ceases to be leased under the lease; or
(b)the lessor’s interest under the lease is assigned to a person who is not connected with any of the persons described in sub-paragraph (3) below.
(3)Those persons are—
(a)the assignor;
(b)any person who was the lessor at some time before the assignment; or
(c)any person who at some time after the assignment becomes the lessor pursuant to arrangements made by a person who was the lessor, or was connected with the lessor, at some time before the assignment.
(4)Nothing in sub-paragraph (2) above prevents this Part of this Schedule from again applying in the case of the lease if the conditions for its application are satisfied after the assignment.
Textual Amendments
F1Sch. 12 para. 2(1A) inserted (with effect in accordance with Sch. 9 para. 7(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 7(2)
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