Section 70 Plant or machinery provided by lessee

under the terms of a lease, a lessee is required to provide plant or machinery,

the lessee incurs capital expenditure on the provision of that plant or machinery for the purposes of a qualifying activity which the lessee carries on,

the plant or machinery is not so installed or otherwise fixed in or to a building or any other description of land as to become, in law, part of that building or other land, and

the lessee does not own the plant or machinery.

is to be treated as being the owner of the plant or machinery, as a result of incurring the capital expenditure, for so long as it continues to be used for the purposes of the qualifying activity, but

is not required to bring a disposal value into account because the lease ends.

the plant or machinery continues to be used for the purposes of the lessee’s qualifying activity until the lease ends,

the lessor holds the lease in the course of a qualifying activity, and

on or after the ending of the lease, a disposal event occurs in respect of the plant or machinery at a time when the lessor owns the plant or machinery as a result of the requirement under the terms of the lease.

the expenditure incurred by the lessee had been qualifying expenditure incurred by the lessor, and

that qualifying expenditure were being allocated to a pool for the chargeable period in which the disposal event occurs.

an agreement for a lease if the term to be covered by the lease has begun, and

any tenancy,