SCHEDULES

SCHEDULE 12Leasing arrangements: finance leases and loans

Part IVSupplementary provisions

Accountancy rental earnings

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1

For the purposes of this Schedule, the “accountancy rental earnings” in respect of the lease for a period of account of the lessor is the greatest of the amounts specified in sub-paragraph (2) below.

2

Those amounts are—

a

the rental earnings for the relevant period in respect of the lease, in the case of the lessor;

b

the rental earnings for the relevant period in respect of the lease, in the case of a person connected with the lessor;

c

the rental earnings for the relevant period in respect of the lease, for the purposes of consolidated group accounts of a group of companies of which the lessor is a member.

3

In sub-paragraph (2) above, “the relevant period” means the period of account of the lessor which is mentioned in sub-paragraph (1) above.