219 Meaning of “finance lease”U.K.
(1)In this Chapter “finance lease” means any arrangements—
(a)which provide for plant or machinery to be leased or otherwise made available by a person (“the lessor”) to another person (“the lessee”), and
(b)which, under [F1generally accepted accounting practice]—
(i)fall (or would fall) to be treated, in the accounts of the lessor or a person connected with the lessor, as a finance lease or a loan, or
(ii)are comprised in arrangements which fall (or would fall) to be so treated.
(2)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In this section “accounts”, in relation to a company, includes any accounts which—
(a)relate to two or more companies of which that company is one, and
(b)are drawn up in accordance with—
(i)section 227 of the Companies Act 1985 (c. 6), or
(ii)Article 235 of the Companies (Northern Ireland) Order 1986 (S.I.1986/1032 (N.I.6)).
Textual Amendments
F1Words in s. 219(1) substituted (24.7.2002) by Finance Act 2002 (c. 23), s. 103(4)(g)
F2S. 219(2) repealed (with effect as mentioned in s. 107 of the amending Act) by Finance Act 2002 (c. 23), s. 141, Sch. 40 Pt. 3(16)