SCHEDULES

SCHEDULE 9Leases of plant or machinery: miscellaneous amendments

Income and Corporation Taxes Act 1988

Leased assets: special cases

3

1

Section 782 of ICTA is amended as follows.

2

After subsection (1) (application of section to payments under certain leases) insert—

1A

This section does not apply to a payment if or to the extent that, in the case of the lessee, it falls to be regarded in accordance with Chapter 6A of Part 2 of the Capital Allowances Act as a payment under a lease which is a long funding finance lease for the purposes of that Part.

3

The amendment made by this paragraph has effect in relation to payments due on or after 1st April 2006.