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Capital Allowances Act 2001

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Changes over time for: Section 121

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Point in time view as at 06/04/2024.

Changes to legislation:

Capital Allowances Act 2001, Section 121 is up to date with all changes known to be in force on or before 07 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. Help about Changes to Legislation

121 Meaning of “short-term leasing”U.K.
This section has no associated Explanatory Notes

(1)Leasing of plant or machinery is short-term leasing if—

(a)the number of consecutive days for which it is leased to the same person will normally be less than 30, and

(b)the total number of days for which it is leased to that person in any period of 12 months will normally be less than 90.

(2)Leasing of plant or machinery is also short-term leasing if—

(a)the number of consecutive days for which the plant or machinery is leased to the same person will not normally exceed 365, and

(b)the total length of the periods for which it is leased in any consecutive period of 4 years within the designated period to lessees in circumstances not falling within section 125(4) (other qualifying purposes: non-leasing use) will not exceed 2 years.

(3)If any plant or machinery is leased as a number of items which—

(a)form part of a group of items of the same or a similar description, and

(b)are not separately identifiable,

all items in the group may be treated as used for short-term leasing if substantially the whole of the items in the group are so used.

(4)For the purposes of subsections (1) and (2) persons who are connected with each other are to be treated as the same person.

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