Section 372 Lessor also lessee under non-long funding lease
(1)
This section applies if—
(a)
a company is the lessee of any plant or machinery under a lease (“lease A”),
(b)
lease A is not a long funding lease,
(c)
the company enters into a lease (“lease B”) of any of that plant or machinery (as lessor), and
(d)
lease B is a long funding lease.
(2)
Sections 360 to 369 do not apply in relation to lease B.
(3)
This section must be treated as never having applied in relation to lease B if lease A—
(a)
becomes a long funding lease as a result of section 70H of CAA 2001 (tax return by lessee treating lease as long funding lease), and
(b)
has not ceased to be such a lease.