[148I Lessee under long funding operating lease]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[Lessees under long funding operating leases]

[148I  Lessee under long funding operating lease]

[(1)     This section applies for the purpose of calculating the profits of a person carrying on a trade, profession or vocation for a period of account in which the person is the lessee of any plant or machinery under a long funding operating lease.

(2)     The deductions that may be allowed in calculating the profits of the person for the period of account are to be reduced in accordance with the following provisions of this section.

(3)     The amount of the reduction for any period of account is to be determined

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