Part 9Leasing plant or machinery
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).
F24
“Finance lease” means—
a
in relation to any person, a lease that, in accordance with generally accepted accounting practice, falls (or would fall) to be treated in the accounts of that person as a finance lease or loan, or
b
in relation to a lessee under a right-of-use lease, a lease that would fall to be treated in the accounts of the lessee as a finance lease if the lessee were required under generally accepted accounting practice to determine whether the lease falls to be so treated.
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”F1, “long funding operating lease” and “right-of-use 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).
F38A
Property business” means a UK property business or an overseas property business.
F49
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