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Finance Act 1997

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This is the original version (as it was originally enacted).

Accounting purposes and normal accountancy practice

28(1)In the application of any provisions of this Schedule which relate to accounting purposes or normal accountancy practice, it shall be assumed, if it is not the case, that the person who is at any time entitled to the lessor’s interest under the lease of the asset, and any person connected with that person, is a company incorporated in a part of the United Kingdom.

(2)A person who is not in fact a body corporate shall not by virtue of sub-paragraph (1) above be treated as a member of a group of companies for any purpose of this Schedule.

(3)This Schedule shall have effect in relation to a person who, for accounting purposes, is not required to prepare accounts in accordance with normal accountancy practice as if he were required to do so.

(4)Nothing in sub-paragraph (3) above applies in relation to consolidated group accounts.

(5)This Schedule shall have effect in relation to a body corporate (wherever incorporated) which is a parent undertaking but which, for accounting purposes, is not required to prepare consolidated group accounts in accordance with normal accountancy practice as if the body corporate were required to do so.

(6)In sub-paragraph (5) above “parent undertaking” shall be construed in accordance with—

(a)section 258 of the [1985 c. 6.] Companies Act 1985, or

(b)in Northern Ireland, Article 266 of the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986.

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