Part 2 Plant and machinery allowances
Chapter 6 Hire-purchase etc. and plant or machinery provided by lessee
F1Lessees under long funding leases
70BLong funding operating lease: amount of capital expenditure
(1)
This section applies by virtue of section 70A(6).
(2)
If the long funding lease is a long funding operating lease, the amount of the capital expenditure is the market value of the plant or machinery at the later of—
(a)
the commencement of the term of the lease;
(b)
the date on which the plant or machinery is first brought into use for the purposes of the qualifying activity.
(3)
This section is to be construed as one with section 70A.