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Corporation Tax Act 2010

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62(1)If at the beginning of 13 December 2007—U.K.

(a)a company carrying on a trade was the lessee of any plant or machinery under a lease that is not a long funding lease (“lease A”), and

(b)the company was the lessor of any of that plant or machinery under a lease that is a long funding finance lease (“lease B”),

sub-paragraphs (2) to (11) apply in respect of lease B.

(2)Section 360 (lessor under long funding finance lease: rental earnings) does not apply to a period of account within sub-paragraph (3).

(3)A period of account is within this sub-paragraph if—

(a)it begins on or after 13 December 2007, and

(b)no rentals that were due under lease B before 13 December 2007 are (wholly or in part) in respect of any part of the period.

(4)For the purpose of calculating the profits of the lessor under lease B for a period of account ending on or after 13 December 2007 that is not within sub-paragraph (3), the lessor is treated as receiving for that period income attributable to lease B of an amount equal to the relevant amount.

(5)The relevant amount is an amount equal to so much of the rentals that—

(a)become due on or after 13 December 2007, and

(b)are wholly or partly in respect of the period of account,

as would not reasonably be regarded as reflected in the rental earnings for that period.

(6)For the purposes of sub-paragraph (5) the rental earnings for a period of account are determined in accordance with section 360(3) and (4).

(7)If any rental is paid for a period (“the rental period”) which begins before 13 December 2007 or is not wholly within the period of account, for the purposes of sub-paragraph (6) the amount of that rental is treated as equal to the amount apportioned (on a time basis) in respect of so much of the rental period as falls on or after 13 December 2007 and within the period of account.

(8)The income treated as received as a result of sub-paragraph (4) is in addition to any amount brought into account under section 360(2).

(9)Section 361 (lessor under long funding finance lease: exceptional items) does not apply to any profit or loss arising on or after 13 December 2007.

(10)If section 362 (lessor making termination payment) applies in respect of the termination of lease B on or after 13 December 2007, a deduction is allowed (in calculating the profits of the lessor) in respect of any sum calculated by reference to the sum paid to the lessee.

(11)The amount of the deduction is (if it would otherwise exceed that amount) limited to the total amount brought into account in respect of the lease as a result of sub-paragraph (2) or (4).

(12)If lease A becomes a long funding lease as a result of section 70H of CAA 2001 (and does not cease to be such a lease), this paragraph is treated as never having applied in relation to lease B.

(13)Chapter 6A of Part 2 of CAA 2001 (interpretation of provisions about long funding leases) applies for the purposes of this paragraph.

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