Part 21Leasing arrangements: finance leases and loans

Chapter 1Introduction

Meaning of expressions about rent

897Accountancy rental earnings

1

For the purposes of this Part, the “accountancy rental earnings” in respect of a lease for a period of account of the lessor (“L”) is the greatest of the amounts specified in subsection (2).

2

Those amounts are—

a

the rental earnings for that period in respect of the lease in L's case,

b

the rental earnings for that period in respect of the lease in the case of a person connected with L, and

c

the rental earnings for that period in respect of the lease for the purposes of consolidated group accounts of a group of companies of which L is a member.

3

For the meaning of “the rental earnings”, see section 898.