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Changes over time for: Cross Heading: Election for lease to be treated as long funding lease for tax purposes


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No versions valid at: 06/04/2006
Status:
Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.

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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Election for lease to be treated as long funding lease for tax purposes.

Changes to Legislation
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Yn ddilys o 19/07/2006
Election for lease to be treated as long funding lease for tax purposesU.K.
16(1)The Treasury may by regulations make provision enabling a person of a prescribed description who is, or is to be, the lessor under a plant or machinery lease of a prescribed description to make an election for the lease to be treated in his case as a long funding lease.U.K.
(2)The power to make regulations under this paragraph includes power to make provision for or in connection with any of the following—
(a)any conditions that must be met if an election is, or is to be, made;
(b)whether an election is irrevocable;
(c)the date on and after which an election has effect;
(d)the manner in which an election is to be made.
(3)The power to make regulations under this paragraph includes—
(a)power to make provision having effect in relation to times before the making of the regulations (but not before 1st April 2006),
(b)power to make different provision for different cases,
(c)power to make incidental, consequential, supplemental, or transitional provision or savings.
(4)In this paragraph—
“election” means an election under this paragraph;
“long funding lease” means a lease which is a long funding lease for the purposes of Part 2 of CAA 2001;
“prescribed” means specified in, or determined in accordance with, regulations under this paragraph.
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