Part 4 Commencement and Transitional Provisions
Finance Act 2006 (2006 c 25) | Legislation

Part 4 Commencement and Transitional Provisions

Commencement

15

(1)     The amendments made by this Schedule have effect in the case of a lease if—

(a)     Condition A is met, or

(b)     if Condition A is not met, Condition B is met,

unless the lease was finalised (see paragraph 23) before 21st July 2005 and on 17th May 2006 the lessor was within the charge to tax.

As respects any time before 18th May 2006, this sub-paragraph has effect with the omission of the words “and on 17th May 2006 the lessor was within the charge to taxâ€.

This sub-paragraph is subject to sub-paragraphs (5) and (6).

(2)     Condition A is that—

(a)     the lease is finalised on or after 1st April 2006, or

(b)     the commencement of the term of the lease is on or after that date,

and the lease is not an excepted lease (see paragraph 17).

(3)     Condition B is that—

(a)     the commencement of the term of the lease was before 1st April 2006, but

(b)     the plant or machinery is on or after that date brought into use for the purposes of a qualifying activity carried on by the person concerned.

(4)

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