Commentary

B5.417 Leases—anti-avoidance: restrictions on trade losses from leasing of plant and machinery

Business tax
Business tax | Commentary

B5.417 Leases—anti-avoidance: restrictions on trade losses from leasing of plant and machinery

Business tax | Commentary

B5.417 Leases—anti-avoidance: restrictions on trade losses from leasing of plant and machinery

In certain circumstances described below, the legislation provides that income tax 'sideways' loss relief is to be denied or restricted, or that such relief can only be given by set off against other specified income. Sideways loss relief is defined as loss relief against general income (B8.202) or loss relief in the early years of a trade (B8.206). Some of this legislation was introduced to deny relief for artificially contrived losses.

Leasing of plant and machinery—capital allowances

Where an individual incurs expenditure on the provision of machinery and plant for leasing in the course of his trade, capital allowances in respect of that expenditure can only be

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