SCHEDULE 8Long funding leases of plant or machinery
Part 4Commencement and transitional provisions
Extended time limit: the additional conditions
18
(1)
The additional conditions mentioned in paragraph 17(8) are as follows.
(2)
Condition A is that the commencement of the term of the lease is before 1st April 2009.
(3)
Condition B is that, at the latest, the commencement of the term of the lease is as soon as is reasonably practicable after construction of the asset is substantially complete.
(4)
Condition C is that construction of the asset proceeded continuously on and after 1st April 2006.
(5)
Condition D is that construction of the asset proceeded at the normal pace for an asset of its type.
For this purpose, “normal pace” is the pace required to construct the asset in a reasonable time without delays or interruptions and consistent with normal business practice.
(6)
This paragraph is supplemented by paragraph 19.