SCHEDULE 9 Leases of Plant or Machinery: Miscellaneous Amendments

SCHEDULE 9 Leases of Plant or Machinery: Miscellaneous Amendments

Finance Act 2006 (2006 c 25) | Legislation
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 9 Leases of Plant or Machinery: Miscellaneous Amendments

Section 81

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Leased assets: special cases

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(1)     Section 782 of ICTA is amended as follows.

(2)     After subsection (1) (application of section to payments under certain leases) insert—

“(1A)     This section does not apply to a payment if or to the extent that, in the case of the lessee, it falls to be regarded in accordance with Chapter 6A of Part 2 of the Capital Allowances Act as a payment under a lease which is a long funding finance lease for the purposes of that Part.”.

(3)     The amendment made by this paragraph has effect in relation to payments due on or after 1st April 2006.

Taxation of Chargeable Gains Act 1992

Long funding leases: deemed disposals and re-acquisitions

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(1)     After section 25 of TCGA 1992 (non-residents: deemed disposals) insert—

“25A Long funding leases of plant or machinery: deemed disposals

(1)     This section applies where plant or machinery is used for the purpose of leasing under a long funding lease.

(2)     The lessor shall be deemed for all purposes of this Act—

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