Income Tax Act 2007 (c. 3)

[F1 Part 11A U.K. Leasing arrangements: finance leases and loans

Textual Amendments

F1 Pt. 11A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 3 para. 2 (with Sch. 9 paras. 1-9, 22)

Chapter 1 U.K. Introduction

Meaning of expressions about rent U.K.

614AB Accountancy rental earnings U.K.

(1) For the purposes of this Part, the “accountancy rental earnings” in respect of a lease for a period of account of the lessor (“L”) is the greatest of the amounts specified in subsection (2).

(2) Those amounts are—

(a) the rental earnings for that period in respect of the lease in L's case,

(b) the rental earnings for that period in respect of the lease in the case of a person connected with L, and

(c) the rental earnings for that period in respect of the lease for the purposes of consolidated group accounts of a group of companies of which L is a member.

(3) For the meaning of “the rental earnings”, see section 614AC.]