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5(1)Section 25A of TCGA 1992 (long funding leases of plant and machinery: deemed disposals) is amended as follows.
(2)In subsection (4)(a), after “lessor” insert “(“the relevant date”)”.
(3)After subsection (4) insert—
“(4A)The following provisions apply for the purposes of subsection (4)(a).
(4B)Treat any rentals under the lease made (or due) on or before the relevant date as made (and due) on the day after that date.”
(4)After subsection (4B) insert—
“(4C)Treat the lessor as having no liabilities of any kind at any time on the relevant date (but only if the effect of doing so would be to increase the amount calculated under subsection (4)(a)).
(4D)For the purposes of subsection (4C) “liabilities” includes, where the lessor is a company, any share capital issued by the company which falls to be treated for accounting purposes as a liability.”
(5)The amendments made by sub-paragraphs (2) and (3) have effect in relation to leases granted on or after 13 December 2007.
(6)The amendment made by sub-paragraph (4) has effect in relation to leases granted on or after 12 March 2008.
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