SCHEDULES

SCHEDULE 8Long funding leases of plant or machinery

Part 4Commencement and transitional provisions

Combined assets and constituent assets

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1

A “combined asset” is an asset which meets the conditions in sub-paragraph (2).

2

The conditions are that—

a

the asset is for use individually,

b

it consists of two or more items of plant or machinery (“constituent assets”),

c

each of the constituent assets is constructed with a view to its use in conjunction with the others as a single asset (namely, the combined asset).

3

Plant or machinery that can be used individually is not a constituent asset just because—

a

it is one of a number of assets of the same or a similar description,

b

each of those assets is intended for use individually, and

c

the use individually of those assets is to be co-ordinated to any extent.

4

This paragraph has effect for the purposes of this Part.