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Corporation Tax Act 2010

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This is the original version (as it was originally enacted).

Chapter 6Sales of lessors: general interpretation

437Interpretation of the sales of lessors Chapters

(1)This section applies for the purposes of the sales of lessors Chapters.

(2)Company” means a body corporate.

(3)Excluded lease of background plant or machinery for a building” has the meaning given in Chapter 6A of Part 2 of CAA 2001 (see section 70R of that Act).

(4)“Finance lease”, in the case of any person, means a lease that, in accordance with generally accepted accounting practice, falls (or would fall) to be treated as a finance lease or loan in the accounts of that person.

(5)“Fixture”—

(a)means any plant or machinery that is so installed or otherwise fixed in or to a building or other description of land as to become, in law, part of that building or other land, and

(b)includes any boiler or water-filled radiator installed in a building as part of a space or water heating system.

(6)Long funding finance lease”, “long funding lease” and “long funding operating lease” have the meanings given in Part 2 of CAA 2001 (see section 70YI(1) of that Act).

(7)Plant or machinery” has the same meaning as in Part 2 of CAA 2001.

(8)Plant or machinery lease” has the meaning given in Chapter 6A of that Part (see section 70YI(1) of that Act).

(9)The market value of any plant or machinery at any time is to be determined on the assumption of a disposal by an absolute owner free from—

(a)all leases (including any agreement or arrangement which is or includes a plant or machinery lease), and

(b)other encumbrances.

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