{
  "url": "https://openlegislation.uk/finance-act-2006/schedule-8/paragraph-27",
  "json_url": "https://openlegislation.uk/finance-act-2006/schedule-8/paragraph-27.json",
  "legislation": "ukpga/2006/25",
  "legislation_title": "Finance Act 2006",
  "legislation_url": "https://openlegislation.uk/finance-act-2006",
  "path": "schedule/8/paragraph/27",
  "kind": "paragraph",
  "number": "27",
  "heading": null,
  "text": "(1) In this Part—\n“combined asset” is to be construed in accordance with paragraph 25;\n“constituent asset” is to be construed in accordance with paragraph 25;\n“finalise”, in relation to a lease, is to be construed in accordance with paragraph 23;\n“lease” includes—\n(a)a plant or machinery lease, and\n(b)a mixed lease,\nand “lessor”, “lessee” and other related expressions are to be construed accordingly;\n“the lessee's side” means any of the following—\n(a)the lessee,\n(b)a person who controls (or is to control) the lessee,\n(c)any two or more persons who together control (or are to control) the lessee,\nand for this purpose “control” has the meaning given by section 574 of CAA 2001 ;\n“the lessor's side” means any of the following—\n(a)the lessor,\n(b)a person who controls (or is to control) the lessor,\n(c)any two or more persons who together control (or are to control) the lessor,\nand for this purpose “control” has the meaning given by section 574 of CAA 2001 ;\n“the main constructor” means the contractor under the main contract for the construction of the plant or machinery;\n“pre-existing heads of agreement” is to be construed in accordance with paragraph 17(2);\n“the principal terms”, in relation to a lease, are the following—\n(a)the identity of the lessee;\n(b)the identity or description of the asset to be leased;\n(c)particulars, or a description, of the rentals payable under the lease;\n(d)particulars, or a description, of the term of the lease;\n“qualifying activity” has the same meaning as in Part 2 of CAA 2001;\n“under construction”, in the case of an asset, is to be construed in accordance with paragraph 24.\n(2) Chapter 6A of Part 2 of CAA 2001 (interpretation of that Part so far as relating to long funding leases) also applies for the purposes of this Part.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 8 para. 27(1) substituted (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1027, Sch. 1 para. 624 (with transitional provisions and savings in Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2006/25/schedule/8/paragraph/27",
    "retrieved_at": "2026-10-29T09:14:22.939634+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}