Part 2

Trading income
Chapter 10A

Leases of plant or machinery: special rules for long funding leases

Lessees under long funding finance leases

Lessee under long funding finance lease: termination
148H
1
This section applies where—
a
a person carrying on a trade, profession or vocation is or has been the lessee under a long funding finance lease, and
b
in connection with the termination of the lease, a payment calculated by reference to the termination value falls to be made to the person.
2
The payment is not to be brought into account in calculating the profits of the person for any period of account.
3
Subsection (2) does not affect the amount of any disposal value that falls to be brought into account by the person under
CAA
2001.
Pt. 2 Ch. 10A, (ss 148A-148J) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 81, Sch. 8 para. 13
Pt. 2 Ch. 10A inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 81, Sch. 8 para. 13