Section 148FB Cases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding leaseF1F2
This section applies if—
a person is the lessee of any plant or machinery under a lease (“lease A”) that is not a long funding lease,
the person enters into a lease (“lease B”) of any of that plant or machinery (as lessor), and
lease B is a long funding lease.
Sections 148A to 148F do not apply in relation to lease B.
If by virtue of section 70H of CAA 2001 (tax return by lessee treating lease as long funding lease) lease A becomes a long funding lease (and does not cease to be such a lease), treat this section as never having applied in relation to lease B.
Annotations
Textual amendments
- F1
Pt. 2 Ch. 10A, (ss 148A-148J) inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 81, Sch. 8 para. 13
- F2
S. 148FB inserted (with effect in accordance with Sch. 20 para. 10(6) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 10(3)
Notes on Lessors under long funding finance or operating leases: avoidance etc
Textual amendments
- F2
S. 148FA and cross-heading inserted (with effect in accordance with Sch. 20 para. 10(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 10(2)