Part 2Trading income

F1Chapter 10ALeases of plant or machinery: special rules for long funding leases

Annotations:
Amendments (Textual)
F1

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

F2Lessees under long funding finance leases

Annotations:
Amendments (Textual)
F2

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

148HLessee under long funding finance lease: termination

1

This section applies where—

a

a person carrying on a trade, profession or vocation 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 person.

2

The payment is not to be brought into account in calculating the profits of the person for any period of account.

3

Subsection (2) does not affect the amount of any disposal value that falls to be brought into account by the person under CAA 2001.