SCHEDULES
SCHEDULE 47Controlled foreign companies
Relevant finance leases etc
4
1
Section 371EE (leases to UK resident companies etc) is amended as follows.
2
In subsection (2)(b)(i) for “which is the subject of the lease” substitute “
(“the relevant asset”) which is the subject of the lease or making (directly or indirectly) an arrangement which would fall within subsection (3)
”
.
3
After subsection (2) insert—
3
An arrangement would fall within this subsection if—
a
the arrangement would meet one or both of the following requirements—
i
it would not be a relevant finance lease;
ii
it would not involve the CFC, and
b
under the arrangement the other company would (directly or indirectly) purchase rights to use the relevant asset.