9A

A finance arrangement code does not apply if the arrangement is a right-of-use lease—

a

under which the relevant person is a lessee, and

b

which, were that person required under generally accepted accounting practice to determine whether the lease falls to be treated in the accounts of that person as a finance lease or loan, would not fall to be so treated.

9B

In subsection (9A) “right-of-use lease” has the same meaning as in Part 2 of CAA 2001 (see section 70YI(1) of that Act).