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Finance (No. 2) Act 1997
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45Hire-purchase by finance lessors
(1)In section 60 of the [1990 c. 1.] Capital Allowances Act 1990 (machinery and plant on hire-purchase), after subsection (2) there shall be inserted the following subsection—
“(2A)Subsections (1)(b) and (2)(b) above do not apply where the capital expenditure incurred by the person to whom the machinery or plant is treated as belonging under subsection (1)(a) was incurred on the provision of the machinery or plant for leasing under a finance lease.”
(2)This section has effect for chargeable periods ending on or after 2nd July 1997 except in relation to—
(a)expenditure incurred before that date; and
(b)expenditure incurred in the twelve months beginning with that date in pursuance of a contract entered into before that date.
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