84 Disposal of plant or machinery subject to lease where income retained
Finance Act 2006 (2006 c 25) | Legislation

84  Disposal of plant or machinery subject to lease where income retained

(1)     CAA 2001 is amended as follows.

(2)     In section 66 (list of provisions outside Chapter 5 of Part 2 about disposal values), after the entry relating to section 222 of CAA 2001, insert—

“sections 228K to 228M”Disposal of plant or machinery subject to lease where income retained

(3)     After section 228J (plant or machinery subject to further operating lease) insert—

“Disposal of plant or machinery subject to lease where income retained

228K Disposal of plant or machinery subject to lease where income retained

(1)     This section applies for corporation tax purposes if—

(a)     on any day (“the relevant day”) a person (“the lessor”) carries on a business of leasing plant or machinery (the “leasing business”),

(b)     on the relevant day the lessor sells or otherwise disposes of any relevant plant or machinery subject to a lease to another person,

(c)     the lessor remains entitled immediately after the disposal to some or all of the rentals under the lease in respect of the plant or machinery which are payable on or after the relevant day, and

(d)     the lessor is required to bring a disposal

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pension commencement lump sums (PCLSs)

Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension commencement lump sum’ (PCLS). Taking a lump sum is usually at the option of the member who will

LEXISNEXIS

Costs and the ‘without prejudice’ rule

Costs and the ‘without prejudice’ ruleCosts determination and the ‘without prejudice’ ruleAn issue for practitioners is whether correspondence marked ‘without prejudice’ can be used against a party when the court comes to determine the issue of costs. The Court of Appeal in Walker v Wilsher (1889)

LEXISNEXIS

Collective investment schemes—essentials

Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of