Part 2 U.K.Trading income

[F1 Chapter 10A U.K.Leases of plant or machinery: special rules for long funding leases

Textual Amendments

F1 Pt. 2 Ch. 10A, (ss 148A-148J) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 81, Sch. 8 para. 13

[F2 Lessors under long funding finance or operating leases: avoidance etc] U.K.

Textual Amendments

F2 S. 148FA and cross-heading inserted (with effect in accordance with Sch. 20 para. 10(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 10(2)

[F3 148FBCases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease U.K.

(1) This section applies if—

(a) a person is the lessee of any plant or machinery under a lease (“lease A”) that is not a long funding lease,

(b) the person 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 148A to 148F do not apply in relation to lease B.

(3) If by virtue of section 70H of CAA 2001 (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

F3 S. 148FB inserted (with effect in accordance with Sch. 20 para. 10(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 10(3)