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Changes over time for: Section 70V


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Version Superseded: 06/04/2007
Status:
Point in time view as at 19/07/2006. This version of this provision has been superseded.

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Changes to legislation:
Capital Allowances Act 2001, Section 70V 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.

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[70VTax avoidance involving international leasingU.K.
This section has no associated Explanatory Notes
(1)This section applies where matters are so arranged that there are plant or machinery leases such that—
(a)under a lease by a non-resident, an asset is provided directly or indirectly to a resident,
(b)the direct provision of the asset to the resident is by a lease which, in the case of the resident, is a long funding lease or a lease to which section 67 (hire purchase etc) applies,
(c)the asset is used by the resident for the purpose of leasing it under a lease (the “relevant lease”) that would not (apart from this section) be a long funding lease in the case of the resident, and
(d)under the relevant lease, the asset is provided directly or indirectly (but by a lease) to a non-resident.
(2)Subsection (3) applies if the sole or main purpose of arranging matters in that way is to obtain a tax advantage by securing that allowances under this Part are available to a resident by virtue of—
(a)section 67 (hire purchase), or
(b)section 70A (long funding leases).
(3)In any such case, the relevant lease is deemed to be a long funding lease in the case of the resident who is the lessor under it.
(4)The reference in this section to a person obtaining a tax advantage (see section 577(4)) also includes a reference to a person obtaining a tax advantage within the meaning of Chapter 1 of Part 17 of ICTA (see section 709 of that Act).
(5)In this section—
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