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Taxation (International and Other Provisions) Act 2010

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Taxation (International and Other Provisions) Act 2010, Section 259 is up to date with all changes known to be in force on or before 18 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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259After section 998 insert—

998AMeaning of “hire-purchase agreement”

(1)This section applies for the purposes of the provisions of the Income Tax Acts which apply this section.

(2)A hire-purchase agreement is an agreement in whose case each of conditions A to C is met.

(3)Condition A is that under the agreement goods are bailed (or in Scotland hired) in return for periodical payments by the person to whom they are bailed (or hired).

(4)Condition B is that under the agreement the property in the goods will pass to the person to whom they are bailed (or hired) if the terms of the agreement are complied with and one or more of the following events occurs—

(a)the exercise of an option to purchase by that person,

(b)the doing of another specified act by any party to the agreement,

(c)the happening of another specified event.

(5)Condition C is that the agreement is not a conditional sale agreement.

(6)In subsection (5) “conditional sale agreement” means an agreement for the sale of goods under which—

(a)the purchase price or part of it is payable by instalments, and

(b)the property in the goods is to remain in the seller (even though they are to be in the possession of the buyer) until conditions specified in the agreement are met (whether as to the payment of instalments or otherwise).

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