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Corporation Tax Act 2010

Section 288: Sale and lease-back

981.This section ensures that where financing has been obtained by way of a sale and lease-back of assets, a deduction for the expenditure may not be made against ring fence profits unless certain conditions are met. It is based on section 494AA of ICTA.

982.Subsections (6) and (7)ensure thata deduction is only permitted against ring fence profits if the disposal proceeds are used in the ring fence trade.

983.Where the deduction is prevented from being given in full or in part against the ring fence profits, subsection (8) allows a deduction from other profits of the companyforany amount that has not been allowed because of this section.

984.This section has no income tax equivalent.

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