- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
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449U.K.For section 148E substitute—
(1)This section applies if in any period of account—
(a)a person carrying on a trade is the lessor of any plant or machinery under a long funding operating lease,
(b)the person incurs capital expenditure in relation to the plant or machinery (the “additional expenditure”), and
(c)the additional expenditure is not reflected in the market value of the plant or machinery at the commencement time (see subsection (7)).
(2)An additional deduction is allowed in calculating the profits of the person for income tax purposes for each period of account—
(a)which ends after the incurring of the additional expenditure, and
(b)in which the person is the lessor of the plant or machinery under the lease.
(3)The amount of the deduction is so much of the expected reduction in value of the additional expenditure (“the expected reduction”) as is attributable to the period of account.
(4)The expected reduction is the amount of the additional expenditure, less the remaining residual value of the plant or machinery resulting from that expenditure.
(5)For how to determine that remaining residual value, see—
(a)section 148EA (determination of remaining residual value resulting from lessor's first additional expenditure), and
(b)section 148EB (determination of remaining residual value resulting from lessor's further additional expenditure).
(6)The amount of the expected reduction attributable to the period of account is found by apportioning that reduction on a time basis according to the proportion of the term of the lease that falls in the period of account.
(7)In this section “the commencement time” means—
(a)except where section 148DB applies, the commencement of the term of the lease, and
(b)if that section applies, the time when the plant or machinery is first brought into use by the lessor for the purposes of the qualifying activity.”
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