PART XII SPECIAL CLASSES OF COMPANIES AND BUSINESSES
Chapter 5ASpecial rules for long funding leases of plant or machinery: corporation tax
Lessees under long funding finance leases
502JLessee under long funding finance lease: termination
(1)
This section applies where—
(a)
a company is or has been the lessee under a long funding finance lease, and
(b)
in connection with the termination of the lease, a payment calculated by reference to the termination value falls to be made to the company.
(2)
The payment is not to be brought into account in determining for the purposes of corporation tax the profits of the company for any period of account.
(3)
Subsection (2) above does not affect the amount of any disposal value that falls to be brought into account by the company under the Capital Allowances Act.