Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 20 Controlled foreign companies and foreign permanent establishments

PART 2 Foreign permanent establishments

Plant and machinery allowances

9 In section 15 of CAA 2001 (plant and machinery allowances: qualifying activities) after subsection (2A) insert—

“(2B) Subsection (2A) does not apply to the business so far as it consists of a plant or machinery lease under which the company is a lessor if any profits or losses arising from the lease are to be left out of account as mentioned in section 18C(3) of CTA 2009.”