372Lessor also lessee under non-long funding leaseU.K.
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Nodiadau Esboniadol
(1)This section applies if—
(a)a company is the lessee of any plant or machinery under a lease (“lease A”),
(b)lease A is not a long funding lease,
(c)the company enters into a lease (“lease B”) of any of that plant or machinery (as lessor), and
(d)lease B is a long funding lease.
(2)Sections 360 to 369 do not apply in relation to lease B.
(3)This section must be treated as never having applied in relation to lease B if lease A—
(a)becomes a long funding lease as a result of section 70H of CAA 2001 (tax return by lessee treating lease as long funding lease), and
(b)has not ceased to be such a lease.