Version Superseded: 01/04/2010
Point in time view as at 21/07/2009. This version of this provision has been superseded.
Income and Corporation Taxes Act 1988, Section 502GB is up to date with all changes known to be in force on or before 13 March 2025. 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.
(1)This section applies if—
(a)a company is the lessee of any plant or machinery under a lease (“lease A”) that is not a long funding lease,
(b)it enters into a lease (“lease B”) of any of that plant or machinery (as lessor), and
(c)lease B is a long funding lease.
(2)Sections 502B to 502G do not apply in relation to lease B.
(3)If by virtue of section 70H of the Capital Allowances Act (tax return by lessee treating lease as long funding lease) lease A becomes a long funding lease (and does not cease to be such a lease), treat this section as never having applied in relation to lease B.]
Textual Amendments
F1S. 502GB inserted (with effect in accordance with Sch. 20 para. 9(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 9(3)
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