Section 70X Transfers, assignments etc by lesseeF1

a person (the “old lessee”) is lessee of plant or machinery under a plant or machinery lease (the “old lease”),

during the term of the lease, the old lessee transfers the plant or machinery to another person (the “new lessee”),

the transfer is not the grant of a plant or machinery lease by the old lessee,

immediately after the transfer, the new lessee is the lessee of the plant or machinery under a lease (“the new lease”) (whether or not the same lease as the old lease).

the old lessee is to be treated as if the old lease terminated immediately before the transfer, and

the new lessee is to be treated as if the new lease had been entered into immediately after the transfer.

the inception of the new lease, and

the commencement of the term of the new lease,

a long funding lease, or

a lease which is not a long funding lease,

the term of the new lease is the unexpired portion of the term of the old lease, and

the amounts payable under the new lease are the same as would have been payable under the old lease, assuming it to have continued in effect.

it is not otherwise the case, and

the conditions in subsection (5) are met,

any kind of disposal of, or of the person's interest in, the plant or machinery,

any arrangements under which the person's interest in the plant or machinery is terminated and another person becomes lessee of the plant or machinery,

in a case where the plant or machinery is a fixture and the person is treated under section 176 as the owner, any cessation of ownership under section 188, 190, 191, 192 or 192A.