Part 21Leasing arrangements: finance leases and loans

Chapter 4Supplementary provisions

934Assets which represent the leased asset

1

For the purposes of this Part, the assets described in subsection (2) are treated as representing the leased asset.

2

Those assets are—

a

any asset derived from the leased asset or created out of it,

b

any asset from which the leased asset was derived or out of which the leased asset was created,

c

any asset derived from or created out of an asset within paragraph (b), and

d

any asset that derives the whole or a substantial part of its value from the leased asset or an asset that itself represents the leased asset.