No versions valid at: 06/04/2006
Point in time view as at 06/04/2006.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.
There are currently no known outstanding effects for the Finance Act 2006, Paragraph 1.
Yn ddilys o 19/07/2006
1(1)Section 494AA of ICTA is amended as follows.U.K.
(2)In subsection (2), at the end of paragraph (a) insert “ or ”.
(3)At the end of subsection (2) insert—
“(c)falls, if the case is one where the lease is a long funding operating lease, to be deductible in computing the profits of the lessee for the purposes of corporation tax (after first making against any such expenditure any reductions falling to be made by virtue of section 502K).”.
(4)In subsection (6) (definition of “lease”) after “In this section” insert “—
“long funding operating lease” means a long funding operating lease for the purposes of Part 2 of the Capital Allowances Act (see section 70YI(1) of that Act);”.
(5)The amendments made by this paragraph have effect in relation to expenditure incurred on or after 1st April 2006.
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