SCHEDULES
SCHEDULE 8Long funding leases of plant or machinery
Part 4Commencement and transitional provisions
When a lease is “finalised”
23
(1)
For the purposes of this Part, a lease is “finalised” on the earliest day on which the following conditions are met.
(2)
Condition 1 is that there is a contract in writing for the lease between the lessor and the lessee.
(3)
Condition 2 is that either—
(a)
the contract is unconditional, or
(b)
if it is conditional, the conditions have been met.
(4)
Condition 3 is that no terms remain to be agreed.