33 Long funding finance leases
Finance Act 2011 (2011 c 11) | Legislation

33  Long funding finance leases

(1)     Chapter 6 of Part 2 of CAA 2001 (which includes provision about lessees under long funding leases) is amended as follows.

(2)     In section 70C (long funding finance lease: amount of capital expenditure), after subsection (4) insert—

“(4A)     But where the minimum lease payments include a relievable amount, the present value of that amount must be excluded in determining the commencement PVMLP.

(4B)     An amount (“amount X”) is a relievable amount if—

(a)     an arrangement is in place under which all or part of any residual amount (as defined in section 70YE) is guaranteed by the lessee or a person connected with the lessee,

(b)     amount X is within the minimum lease payments because of

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