Finance leasing of plant and machineryU.K.
4(1)This paragraph applies where there is a finance lease in the case of which—U.K.
(a)the lessor is the NDA or an NDA company;
(b)the lessee is the NDA or an NDA company;
(c)the lessee is carrying on exempt activities; and
(d)the machinery or plant to which the lease relates is used by the lessee for the purposes of those activities.
(2)No allowance under Part 2 of the Capital Allowances Act 2001 (c. 2) (plant and machinery allowances) shall be available to the lessor in respect of qualifying expenditure on the provision of the plant or machinery for leasing under the lease.
(3)Expressions used in this paragraph and in Chapter 17 of Part 2 of the Capital Allowances Act 2001 (anti-avoidance provisions relating to plant and machinery allowances) have the same meanings in this paragraph as in that Chapter.
Commencement Information
I1Sch. 4 para. 4 in force at 5.10.2004 by S.I. 2004/2575, art. 2(1), Sch. 1