SCHEDULE 9 Leases of Plant or Machinery: Miscellaneous Amendments
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)ÌýÌýÌýÌý Section 782 of ICTA is amended as follows.

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

“(1´¡)ÌýÌýÌýÌý 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.â€.

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

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

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

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

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