(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).
[F1(8A)Property business” means a UK property business or an overseas property business.]
(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.
Textual Amendments
F1S. 437(8A) inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 7