Corporation Tax Act 2010 (c. 4)

Schedules

SCHEDULE 1 U.K. Minor and consequential amendments

Part 2 U.K. Other enactments

Income Tax Act 2007 U.K.

548 U.K. In section 809ZA (plant and machinery leases: capital receipts to be treated as income) for subsection (3) substitute—

“(3) If subsection (1)(a) applies, the income is treated as income for the period of account in which there is first an obligation of the kind mentioned there.

(4) If subsection (1)(b) applies, the income is treated as income for the period of account in which the capital payment is made.

(5) For the meaning of “capital payment” and “relevant capital payment”, see section 809ZE.

(6) For the meaning of other expressions used in this section or section 809ZC, 809ZD or 809ZE, see section 809ZF.”