- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2012.
Corporation Tax Act 2010, Section 902 is up to date with all changes known to be in force on or before 29 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section sets out the conditions required by section 901(1) to be met for this Chapter to apply (conditions A to E).
(2)Condition A is that at the relevant time—
(a)the leasing arrangements fall for accounting purposes to be treated, in accordance with generally accepted accounting practice, as a finance lease or a loan, and
(b)subsection (3) or (4) applies.
(3)This subsection applies if the lessor (“L”), or a person connected with L, falls for accounting purposes to be treated, in accordance with generally accepted accounting practice, as the finance lessor in relation to the finance lease or loan.
(4)This subsection applies if the finance lease or loan falls for accounting purposes to be treated, in accordance with generally accepted accounting practice, as subsisting for the purposes of consolidated group accounts of a group of companies of which L is a member.
(5)Condition B is that, under the leasing arrangements, there is or may be payable to L, or to a person connected with L, a sum (a “major lump sum”) that is not rent but falls for accounting purposes to be treated, in accordance with generally accepted accounting practice—
(a)as to part, as repayment of some or all of the investment in respect of a finance lease or loan, and
(b)as to part, as a return on investment in respect of a finance lease or loan.
(6)Condition C is that not all of that part of the sum that falls within subsection (5)(b) would, apart from this Chapter, fall to be brought into account for corporation tax purposes in accounting periods of L ending with the relevant accounting period as the normal rent from the lease for periods of account of L.
(7)Condition D is that, in relation to L at the relevant time—
(a)the period of account of L in which the relevant time falls, or
(b)an earlier period of account of L during which L was the lessor,
is a period of account for which the accountancy rental earnings in respect of the lease exceed the normal rent for the period.
(8)Condition E is that at the relevant time—
(a)arrangements within section 904(1) exist, or
(b)paragraph (a) does not apply and circumstances within section 904(3) exist.
(9)Section 903 supplements this section.
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