SCHEDULES
SCHEDULE 12Leasing arrangements: finance leases and loans
Part IVSupplementary provisions
Accountancy rental earnings
21
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.