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Taxation (International and Other Provisions) Act 2010

Section 681CB: Leased trading assets

1038.This section states when this Chapter applies. It is based on section 782(1), (8) and (9) of ICTA.

1039.Subsection (1) introduces the three conditions relating to the application of this Chapter and explains their logical relationship.

1040.Subsection (2) specifies condition A, concerning the payment.

1041.In particular, under subsection (2)(a) the payment must be made under the lease of a “relevant asset”. The expression “relevant asset” appears in subsection (2)(a) for the first time in this Chapter. It is defined in section 681CG.

1042.Subsections (3) and (4) specify conditions B and C. These are two alternative conditions concerning the use to which the leased asset was put before it was leased.

1043.Subsection (5) preserves the rule that, if the lease was created before the legislation was first introduced, a lease-back after that date will not activate the legislation.

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