http://www.legislation.gov.uk/ukpga/2005/5/section/148FAIncome Tax (Trading and Other Income) Act 2005An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.texttext/xmlenStatute Law Database2026-07-30Expert Participation2026-07-15 Income Tax (Trading and Other Income) Act 2005s. 168(6)(e) and wordPlanning (Consequential Provisions) (Wales) Act 2026Deddf Cynllunio (Darpariaethau Canlyniadol) (Cymru) 2026Sch. 2 para. 370(b)Sch. 5 Pt. 1s. 5(2) Part 2Chapter 10A148FA1Sections 148A to 148F do not apply in the case of a person carrying on a trade who is or has been the lessor of any plant or machinery under a long funding lease if the following condition is met.2The condition is that any part of the expenditure incurred by the person on the acquisition of the plant or machinery for leasing under the lease—ais (apart from those sections) allowable as a deduction in calculating the profits or losses of the trade, andbis so allowable as a result of the plant or machinery forming part of the trading stock of the trade.3For the purposes of this section the cases in which expenditure incurred by a person carrying on a trade on the acquisition of any plant or machinery for leasing under a lease is allowable as such a deduction include any case where—athe person becomes entitled to the deduction at any time after the expenditure is incurred, andbthe deduction arises as a result of the plant or machinery forming part of the trading stock of the trade at that time.4If—aat any time any of sections 148A to 148F has applied for determining the amounts to be taken into account in calculating the profits or losses of the trade, andbthe condition in subsection (2) is met at any subsequent time,those amounts, and any other amounts which (as a result of this section) are to be so taken into account, are subject to such adjustments as are just and reasonable.5All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (4).Pt. 2 Ch. 10A, (ss 148A-148J) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 81, Sch. 8 para. 13S. 148FA and cross-heading inserted (with effect in accordance with Sch. 20 para. 10(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 10(2)