Corporation Tax Act 2010

Corporation Tax Act 2010

2010 CHAPTER 4

Introduction

Part 21: Leasing arrangements: finance leases and loans

Chapter 2: Finance leases with return in capital form

Section 924: Post-25 November 1996 schemes to which Chapter 3 applied first

2740. This sectionprovides continuity of reliefs when a lease changes status. It is based on paragraph 14 of Schedule 12 to FA 1997.

2741. It applies if a lease which is initially subject to the rules of Chapter 3 subsequently comes within those of Chapter 2. Any cumulative accountancy rental excess or any cumulative normal rental excess for the purposes of Chapter 3 counts for the purposes of Chapter2.

2742. Subsection (4) provides for the case where for example there has been an assignment within section 916 and the lessor at an earlier time was within the charge to income tax.