# Income Tax (Trading and Other Income) Act 2005, Section 148H: Lessee under long funding finance lease: termination


(1) This section applies where—
(a) a person carrying on a trade, profession or vocation is or has been the lessee under a long funding finance lease, and
(b) in connection with the termination of the lease, a payment calculated by reference to the termination value falls to be made to the person.
(2) The payment is not to be brought into account in calculating the profits of the person for any period of account.
(3) Subsection (2) does not affect the amount of any disposal value that falls to be brought into account by the person under CAA 2001.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/148H (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-148H
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.