[F1Part 12AU.K.Sale and lease-back etc]

Textual Amendments

F1Pt. 12A 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. 4 para. 2 (with Sch. 9 paras. 1-9, 22)

[F2Chapter 3U.K.Leased trading assets

Textual Amendments

F2Pt. 12A Ch. 3 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. 4 para. 4 (with Sch. 9 paras. 1-9, 22)

Relief: restriction and carrying forwardU.K.

681CCTax deduction not to exceed commercial rentU.K.

(1)The rules in subsection (3) apply to the calculation of the deduction by way of relevant income tax relief allowed in a relevant period—

(a)for the non-excluded element of the payment within section 681CB(2), or

(b)if there are two or more such payments, for the non-excluded elements of those payments.

(2)For the purposes of this section—

(a)relevant period” means—

(i)a period of account of the trade, or

(ii)if no accounts of the trade are drawn up for a period, the basis period of a tax year, and

(b)the non-excluded element of a payment is the element of the payment not excluded under section 681CD (long funding finance leases).

(3)The rules are—