[614BX Pre-26 November 1996 schemes where this Chapter does not at first apply]
Income Tax Act 2007 (2007 c 3) | Legislation

[Schemes to which this Chapter does not at first apply]

[614BX  Pre-26 November 1996 schemes where this Chapter does not at first apply]

[(1)     This section applies if—

(a)     the lease of an asset forms part of a pre-26 November 1996 scheme, but

(b)     the conditions in section 614BC become met after 26 November 1996.

(2)     For the meaning of “forming part of a pre-26 November 1996 scheme”, see section 614D.

(3)     This Part has effect as if—

(a)     a period of account (“period 1”) of the current lessor (“L”) ended immediately before

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

Common financial covenants

Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited