Part 13Tax avoidance
F1Chapter 6Avoidance involving leases of plant and machinery
809ZFF2Further interpretation of section 809ZA etc
1
This section applies for the purposes of sections 809ZA to 809ZE and this section.
2
“Lease” includes—
a
a licence, and
b
the letting of a ship or aircraft on charter or the letting of any other asset on hire,
and “lessor” and “lessee” must be read accordingly.
3
“Lease of plant or machinery” includes a lease of plant or machinery and other property, but does not include a lease to which subsection (4) or (5) applies.
4
This subsection applies to a lease if any income attributable to it and received by the lessor would be chargeable to tax under Part 3 of ITTOIA 2005 (property income).
5
This subsection applies to a lease of plant or machinery if the lessor has incurred on the plant or machinery what would be qualifying expenditure within the meaning of Part 2 of CAA 2001 but for section 34A of that Act (expenditure on plant or machinery for long funding leasing not qualifying expenditure).
6
“Relevant arrangement” means any agreement or arrangement relating to a lease of plant or machinery, including one made before the lease is entered into or after it has ended.
7
Accordingly, “lessor” and “lessee” include prospective and former lessors and lessees.
Pt. 13 Ch. 6 inserted (21.7.2008 with effect in accordance with Sch. 20 para. 2(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 2(1) (with Sch. 20 para. 2(3))